Valeant Buys Brazilian Firm

Aliso Viejo-based Valeant Pharmaceuticals announced today that it is in an agreement to buy a Brazilian manufaturer of branded, generic and over the counter pharmaceuticals. According to Valeant, the deal is worth approximately $28M. Valeant said the Brazilian firm has annual sales of approximately $19M in 2009, mainly in the dermatology business. In a related move, Valeant said it will acquire a 165,000 square foot manufacturing plant in Brazil for approximately $28M. Name of the Brazilian firm was not released by the company. Valeant said the buy will advance its dermatolog presence in the Brazilian market.