|Valeant CEO J. Michael Pearson|
Even a heated takeover battle replete with litigation, a media war, and plenty of name-calling can't grind the Valeant M&A engine to a halt. The company has resumed its skincare buying spree, picking up a dermatology portfolio and an array of specialty products from Valeo Pharma for $25.3 million.
According to Quebec-based Manitex Capital, which owns 40% of subsidiary Valeo, Valeant ($VRX) will fork over $18.3 million in cash and shell out the balance over the next three years, The Canadian Press reports. The new purchase will join a long line of recent dermatology buys, including Solta Medical, Medicis and Obagi Medical.
"As a Canadian company, we are proud to solidify our position as a leader and to reaffirm our long-term commitment to the field of dermatology," Valeant Canada President and GM Jacques Dessureault said in a statement.
Valeant CEO J. Michael Pearson has been targeting skincare--as well as eyecare--since he overhauled the company's strategy 6 years ago, pegging both as high-growth fields. A few months back, he reaffirmed his desire to keep riding the deal train in those areas--and using his signature cost cuts to slim down before moving onto the next buy.
Allergan ($AGN), Valeant's latest target, fits right in with Valeant's skincare and eyecare aims; the California drugmaker, which boasts blockbuster wrinkle-fighter Botox, also markets eye treatments such as Restasis and Latisse. An Allergan acquisition would also be Pearson's largest ever, helping him further his stated goal of cracking the list of top 5 drugmakers by market cap.
But Irvine, CA-based Allergan isn't so keen to become Pearson's next conquest. Since Valeant, along with takeover partner Bill Ackman, announced its first offer back in April, Allergan has resisted all offers, spurring the pair to go hostile with its $53 billion bid.
- read Valeant's release
- get more from The Canadian Press
Special Reports: Pharma's top 10 M&A deals of 2013 - Valeant/Bausch + Lomb | The most influential people in biopharma today - J. Michael Pearson - Valeant