Meda acquiring Valeant units in Europe
Valeant (NYSE:VRX) will sell its operations in Western and Eastern Europe, including Russia, to Meda (SSE:MEDA) for $392 million in cash. Meda said the deal gives it a foothold in Russia, where it plans to introduce its own products, as well as rights to products in its "key" therapeutic areas of neurology and dermatology. The deal excludes Valeant's Central European operations. Valeant, which was advised by Goldman Sachs, said its focus is the North American market.
The deal includes Mestinon pyridostigmine to treat myasthenia gravis; Tasmar tolcapone to treat Parkinson's disease (PD); Solcoseryl haemodialysate to treat trophic disorders and wounds; Dermatix gel, a scar treatment; Efudix fluorouracil to treat actinic keratosis and superficial basal cell carcinoma (sBCC); and Cesamet nabilone to treat chemotherapy-induced nausea and vomiting (CINV). Valeant said the business had 2007 revenues of $180 million. Meda's marketed products include Parlodel bromocriptine for PD and Aldara imiquimod to treat sBCC, external genital warts and actinic keratosis. ...