Valeant to acquire Laboratoire Dr. Renaud

ALISO VIEJO, Calif. U.S. drug maker Valeant Pharmaceuticals International will acquire a Canadian cosmeceutical company, Valeant announced Monday.

Valeant Canada will purchase Laval, Quebec-based Laboratoire Dr. Renaud for C$21.8 million, leasing a 45,000-sq.-ft. manufacturing plant for topical products. Dr. Renaud has annual sales of $10.4 million, and the acquisition is expected to be completed in 2010.

“This acquisition is part of our continued efforts to build a leading dermatology business by adding respected brand names in our select regions,” Valeant chairman and CEO J. Michael Pearson stated. “Laboratoire Dr. Renaud enjoys a high degree of loyalty from esthetic clinics and spas, and we believe that Valeant will gain immediate entree into the cosmeceutical market in Canada. With exclusive access to a world class topical manufacturing plant and a successful sales and marketing infrastructure, we also have the ability to launch select U.S. dermatology products into Canada and further expand our reach in dermatology.”