LAVAL, Quebec, July 17, 2015 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) today
announced that it has entered into a definitive agreement under
which Valeant will acquire Mercury (Cayman) Holdings, the holding
company of Amoun Pharmaceutical, for consideration of approximately
US$800 million, plus contingent
payments.
Amoun Pharmaceutical is the largest domestic company in the
Egyptian pharmaceutical market and currently expects to reach
EGP 1.75 billion by 2015, with annual
growth of approximately 20%. Amoun operates a large,
state-of-the-art manufacturing plant that is considered to be one
of the largest and most up-to-date pharmaceutical facilities in
Africa and the Middle East and has market leading
pharmaceutical brands in therapeutic areas such as
anti-hypertensives, broad spectrum antibiotics and
anti-diarrheals.
Valeant intends for Amoun to serve as a platform for further
expansion in the broader Middle
East and North Africa
pharmaceutical market and expects the transaction to close in the
third quarter, subject to customary closing conditions.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, eye health, neurology and
branded generics. More information about Valeant can be found at
www.valeant.com.
Forward-looking Statements
This press release may contain forward-looking statements,
including, but not limited to, statements regarding the acquisition
of Amoun Pharmaceutical. Forward-looking statements may
generally be identified by the use of the words "anticipates,"
"expects," "intends," "plans," "should," "could," "would," "may,"
"will," "believes," "estimates," "potential," "target," or
"continue" and variations or similar expressions. These statements
are based upon the current expectations and beliefs of management
of Valeant and are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
described in the forward-looking statements. These risks and
uncertainties include the risks and uncertainties discussed in
Valeant's most recent annual or quarterly report and detailed from
time to time in Valeant's other filings with the Securities and
Exchange Commission (the "SEC") and the Canadian Securities
Administrators, which factors are incorporated herein by reference.
Readers are cautioned not to place undue reliance on any of these
forward-looking statements. These forward-looking statements speak
only as of the date hereof. Valeant undertakes no obligation
to update any of these forward-looking statements to reflect events
or circumstances after the date of this press release or to reflect
actual outcomes.
Contact Information:
Laurie W. Little
949-461-6002
laurie.little@valeant.com
Media:
Renee E. Soto/Meghan Gavigan
Sard Verbinnen & Co.
212-687-8080
rsoto@sardverb.com / mgavigan@sardverb.com
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SOURCE Valeant Pharmaceuticals International, Inc.