Valeant Pharmaceuticals International, Inc. announced today that Valeant has signed an agreement to acquire certain assets from Atlantis Pharma, a branded generics pharmaceutical company located in Mexico with a broad product portfolio, including products in the gastro, analgesics and anti-inflammatory therapeutic categories, for approximately $71 million.
The acquired assets' total revenue in 2011 was approximately $26 million and is expected to deliver double digit growth in 2012. The transaction is expected to close in the second quarter, subject to certain closing conditions including regulatory approvals, and is expected to be immediately accretive.
"Atlantis Pharma's well-known brands in Mexico, and the potential to expand our export business to Central America and the Andean region, make this a strong addition to our current operations in Mexico," stated J. Michael Pearson, chairman and chief executive officer. "The ability to combine these assets with our existing operations in Mexico should provide distinct commercial synergies for our overall business."
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