Valeant Pharmaceuticals, Sanitas Group deal

Valeant will acquire Lithuanian branded generics company Sanitas for about €314 million ($440.2 million) in cash. Valeant will also assume about €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.

Major Sanitas shareholders have agreed to sell 87.2% of outstanding shares to Valeant, who will subsequently acquire the remaining shares in a tender offer. The purchase of the controlling interest of Sanitas is expected to close next quarter, and the tender offer is expected to close in 4Q11. Jefferies advised Sanitas. ...