Canada's Valeant to acquire Australia's iNova Pharmaceuticals for $623 mn

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.