Canada's Valeant Pharmaceuticals International Inc said it agreed to purchase Australia's iNova Pharmaceuticals from private equity firms Archer Capital and Ironbridge for A$625 million ($623 million) upfront.Valeant said the deal includes an additional A$75 million in potential milestone payments based on the success of pipeline activities.The deal is the latest in a string of sales by private equity firms in Australia in recent months as they exit investments made in the boom years. Archer sold its MYOB software business in August for A$1.3 billion.iNova, which sells prescription and over-the-counter drugs in Australia, New Zealand, Southeast Asia and South Africa, will have total 2011 revenues of about A$200 million, Valeant said.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 1.18% or $0.51/share to $43.75. In the past year, the shares have traded as low as $24.41 and as high as $54.28. On average, 693045 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 383426.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 1.17% or $0.49/share to $42.48. In the past year, the shares have traded as low as $24.06 and as high as $57.24. On average, 3271820 shares of VRX exchange hands on a given day and today's volume is recorded at 1645174.
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