Healthcare Industry News: S.A.
News Release - July 29, 2009
Valeant to Acquire Tecnofarma, A Mexican Generic Company
ALISO VIEJO, Calif., July 29 (Healthcare Sales & Marketing Network) -- Valeant Pharmaceuticals International (NYSE: VRX ) announced that it has signed a definitive Sale and Purchase Agreement to acquire Tecnofarma S.A. de C.V., a privately held company located in Mexico for approximately one times sales. Tecnofarma iS.A.producer of generic pharmaceuticals which haS.A.proximately $33 million in annual sales primarily to the government and private label markets - two segments that Valeant Mexico does not currently serve in any material way. In addition, Tecnofarma haS.A.number of manufacturing sites including a new 160,000 sq. ft. manufacturing plant that will allow Valeant Latin America to reduce its dependence upon third party manufacturers. Finally, Tecnofarma has eighty registered products that can be introduced into the branded generic market in Mexico."The acquisition of Tecnofarma is consistent with our business plan strategy," S.A.ed J. Michael Pearson, chairman and chief executive officer. "The government and private label markets in Mexico are large and growing components of the overall pharmaceutical industry in the region and are complementary to Valeant Mexico's current market focus on the commercial branded generic market. Adding two well-eS.A.lished businesses to our current branded generic portfolio mix, a new pipeline of products for our branded generic business, as well aS.A.manufacturing infrastructure capable of expanding to meet future demand, we believe we are well positioned to reach our growth objectives in Latin America."
About Valeant
Valeant Pharmaceuticals International (NYSE:VRX ) iS.A.multinational specialty pharmaceutical company that develops, manufactureS.A.d marketS.A.broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.
FORWARD-LOOKING S.A.EMENTS
This press release may contain forward-looking S.A.ements, including, but not limited to, S.A.ements regarding the future growth in Valeant's operations in Mexico and/or Latin America and the impact of the Tecnofarma acquisition on Valeant's operations in Mexico and/or Latin America. Forward-looking S.A.ements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. These S.A.ementS.A.e based upon the current expectationS.A.d beliefs of management and are subject to certain riskS.A.d uncertainties that could cause actual results to differ materially from those described in the forward-looking S.A.ements. These riskS.A.d uncertainties include, but are not limited to, riskS.A.d uncertainties discussed in the company's most recent annual or quarterly report filed with the SecuritieS.A.d Exchange Commission, which factorS.A.e incorporated herein by reference. ReaderS.A.e cautioned not to place undue reliance on any of these forward-looking S.A.ements. Valeant undertakes no obligation to update any of these forward-looking S.A.ements to reflect events or circumS.A.ceS.A.ter the date of this press release or to reflect actual outcomes.
Source: Valeant Pharmaceuticals
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