MONTREAL – Prolific acquirer Valeant Pharmaceuticals International Inc.’s Canadian division is going to make a move a bit different: divest part of its aesthetics division in order to refocus the company’s operations.
On Monday, the Montreal-based dermatology company Intega Skin Sciences Inc announced it had signed an agreement with Valeant Canada to acquire Valeant’s Groupe Cosmderme, including Laboratoire Dr Renaud, Pro-Derm and Premiology, three high-end medical skincare brands developed and produced in Laval, Que.
“A part of our method to build Intega is always to aggressively look for opportunities to purchase the rights to products and corporations,” said Gregory Orleski, president and CEO of Intega who also worked with ICN Canada Ltd., which later became Valeant.
“I approached them saying I used to be thinking of buying the company. It wasn’t easy, nevertheless they finally taken notice of me so we found an agreement,” Orleski said inside an interview.
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The the transaction weren’t disclosed because Intega can be a private company. The amount will likely not be publicly reported by Valeant Canada or Valeant International on fiscal reports because the asset is beneath the Ten percent consolidated revenue threshold which will make entity material.
However, on Monday Westmount, Que.-based Knight Therapeutics Inc. announced it had requested a secured loan agreement with Intega for $10.5 million so that you can fund buying.
In accessory for the borrowed funds, Knight has requested a distinctive distribution, licence and offer agreement to commercialize all Intega’s current and future products in Israel, Romania, Russia, sub-Saharan Africa as well as the Caribbean, and may also receive rights to particular future products in Canada.
Intega wouldn’t disclose when the acquisition required additional funding.
Valeant acquired Laboratoire Dr. Renaud for approximately $23 million last season.
In October 2013, the business named the audience of brands within the “cosmeceutical” division Valeant Groupe Cosmderme Inc.
Valeant says it had been approached by Intega in 2015, and requested this agreement because it is attempting to narrow its dermatology focus from aesthetic dermatology and towards prescription products.
The Laval-Que.-based Valeant says it’s really no plans for future divestitures.
Orleski says there has been no layoffs within the deal, with 58 Groupe Cosmderme employees joining the Intega team while several senior management members and R&D staff will stay with Valeant.
“This was just a couple from the offer that folks got, but area of the reason we opted for (Intega) was since they’re keeping the operations here, which for individuals was extremely important,” said Sbastien Beauchamp, executive director of market access and government affairs at Valeant Canada, in an interview.
This brings the entire quantity of Intega staff to 62 since it began in April 2015.
Orleski says within the next 5 years he desires to build Intega right into a leader in Canada’s dermatology space, launching a full-line of retail products this season.
dvanderlinde@nationalpost.com
Twitter.com/DamonVDL
