Valeant in deal to buy Coria Labs

California-based Valeant Pharmaceuticals International, which recently sold some of its eastern European/Russian businesses to Sweden's Meda for $392.0 million (Marketletter August 11), says it has signed a definitive agreement to acquire fellow US firm Coria Laboratories, a privately-held specialty drug company focused on dermatology products. The accord will significantly expand Valeant's business in the USA and enhance its dermatology franchise through the acquisition of key products which complement its current portfolio, with annualized net sales are around $40.0 million, it says.

Under the terms of the deal, Valeant will purchase all of the outstanding shares of Coria from its parent company, DFB Pharmaceuticals, and other shareholders for $95.0 million, subject to certain adjustments. The transaction is expected to close following the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act.