Canada's Valeant to acquire Australia's iNova Pharmaceuticals for $623 mn
21 Nov 2011
Canada's specialty pharmaceutical company, Valeant Pharmaceuticals International Inc today said that it will acquire Australia's iNova Pharmaceuticals from private equity firms Archer Capital and Ironbridge for A$625 million ($623 million).
Valeant, based in Mississauga, Ontario will pay an additional A$75 million in potential milestone payments based on the success of pipeline activities.
iNova owns, develops and markets a diversified portfolio of well established and innovative prescription and over-the-counter (OTC) pharmaceutical products in the Asia Pacific region and South Africa.
The New South Wales-based company's portfolio includes in-licensed and in-house developed drugs in pain management, weight management, allergy, sexual health, dermatology, cardiology and respiratory health. Products include Difflam, Duro-Tuss, Hiprex, Metsal and Cal-Sup.
Nova sells and distributes its prescription and OTC products in Australia, New Zealand, Southeast Asia and South Africa and is expected to generate revenues of about A$200 million this financial year.
Archer and Ironbridge had acquired iNova Pharmaceuticals in December 2006 for $450 million, when it went under the brand name of 3M.
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