Valeant Pharmaceuticals purchases Johnson & Johnson dermatology subsidiary
MISSISSAUGA, Ontario — Valeant Pharmaceuticals has purchased a dermatology subsidiary from Johnson & Johnson, the Canadian drug maker said Friday.
The $345 million acquisition of the Ortho Dermatologics division of J&J subsidiary Janssen Pharmaceuticals follows Valeant’s $425 million purchase of Dermik, the skin care business of French drug maker Sanofi. Ortho Dermatologics’ portfolio includes the drugs Retin-A Micro, Ertaczo and Renova, which collectively had sales of about $150 million in 2010.
“With the combination of this transaction and other recently announced transactions, Valeant is well on its way to being one of the leading companies in dermatology,” Valeant chairman and CEO J. Michael Pearson said in a statement. “We believe that dermatology remains an attractive therapeutic area for Valeant, and we are pleased to be able to add another strong franchise to our growing operations.”
Teva gets approval to buy Cephalon
FRAZER, Pa. — Teva Pharmaceutical Industries got the go-ahead from Cephalon’s shareholders to acquire the Frazer, Pa.-based company in a deal worth $6.8 billion.
Teva came out as the front-runner to purchase Cephalon in May, when the drug maker spurned a takeover bid by Mississauga, Ontario-based Valeant Pharmaceuticals, which had offered $5.7 billion in March.
Teva said at the time that the buyout would create a robust pipeline that includes more than 30 drugs in late-stage clinical trials, enhancing Teva’s branded drug portfolio with treatments for cancer, respiratory diseases, pain management and central nervous system disorders.
Axium Healthcare Pharmacy earns award in Orlando
LAKE MARY, Fla. — The Orlando, Fla., chapter of the Association for Corporate Growth has selected independent specialty pharmacy provider Axium Healthcare Pharmacy as the winner of one of its top awards.
ACG Orlando selected Axium as the recipient of the 2011 SMART Award in the Healthcare & Life Sciences category. ACG Orlando recognizes companies each year based on the value they bring to the region in terms of corporate culture, growth, business creativity and economic contribution.
“We’re proud to be recognized as a recipient of the 2011 SMART Awards,” Axium president and CEO Mark Montgomery said in a statement. “It is through consistent hard work and commitment of the Axium team that has driven the company’s significant growth over the past few years.”