MONTREAL — Valeant announced that it has acquired a privately owned specialty pharmaceutical company based in the United States.
Pedinol Pharmacal, a podiatry-focused company that has been in business for more than 85 years, was acquired for an undisclosed amount that was said to be 1.5 times sales. Pedinol touted $18 million in revenue last year.
"The Pedinol business will be a strong fit alongside Valeant's dermatology franchise," Valeant chairman and CEO J. Michael Pearson said. "The podiatry market has similar characteristics to the dermatology market that we find attractive from a risk and reward aspect, and expanding into this area is a natural extension of our topical formulation development capabilities."