Valeant to acquire Sanitas

Valeant Pharmaceuticals International Inc. (NYSE:VRX; TSX:VRX) will acquire Lithuanian branded generics company Sanitas Group (Vilnius:SAN1L) for about EUR 314 million ($440.2 million) in cash. Valeant also will assume about EUR 50 million ($70.1 million) of Sanitas' debt. Valeant said the acquisition will expand its European branded generics portfolio with dermatology and hospital injectable products and continue to expand its presence into Central and Eastern Europe. Sanitas' portfolio includes 390 branded generics marketed in nine countries throughout Central and Eastern Europe. Sanitas reported LTL339.4 million ($138 million) in 2010 revenues.

Jefferies advised Sanitas. The deal is expected to close in 4Q11. Valeant was up $1.29 to $49.53 on Tuesday. On the Toronto Stock Exchange, the stock was unchanged at C$48.32. Sanitas gained LTL12.40 (65%) to LTL31.56. ...