Valeant Pharmaceuticals has bought cold remedy manufacturer Afexa Life Sciences in a deal worth 76million Canadian dollars.
Afexa, based in Edmonton, Alberta, sells Cold-FX and Coldsore-FXT, totalling annual revenue of approximately C$40million.
Michael Pearson, Chairman and CEO of Valeant, said that the combination of both companies’ products “will provide the critical mass we need in the OTC market and should provide Valeant Canada with another platform for growth”.
Valeant stated that Afexa’s board unanimously approved the deal and recommended that the company’s shareholders tender their shares, who will receive C$0.71 per share in cash.
Canada-based Valeant is a manufacturer and marketer of a range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics.