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    Valeant Pharma to buy Janssen portfolio for $345M

    By The Associated Press | AP – Fri, Jul 15, 2011

    Canadian drugmaker Valeant Pharmaceuticals International Inc. said Friday it will buy the assets of the Ortho Dermatologics division of Janssen Pharmaceuticals Inc. for $345 million.

    The deal includes three prescription brands: the acne treatments Retin-A Micro and Renova and the athlete's foot cream Ertaczo. Valeant said the product portfolio brought in about $150 million in revenue last year. The acquisition is expected to close by the end of the year.

    Valeant Chairman and CEO J. Michael Pearson said in a statement dermatology remains an attractive therapeutic area for his company. Valeant, which sells the antidepressant Wellbutrin XL, also focuses on neurology.

    Janssen is a company of the health care giant Johnson & Johnson.

    Shares of Valeant climbed 3.3 percent, or $1.75, to $54.36 in midday trading. Shares of New Brunswick, N.J.-based Johnson & Johnson declined 36 cents to $67.30.

     

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