Swiss food giant Nestlé has extended its investment in skin care by buying the rights to several of Valeant Pharmaceuticals dermatology products for $1.4 billion (€1027).
Under the agreement Nestlé will acquire rights to commercialise cosmetic dermatology and corrective facial treatments; Restylane, Perlane and Emervel and Dysport in the US, Canada and various other markets.
The global brand will also get rights to 'Sculptra', a dermal filler for cosmetic and medical use.
“With this deal we have acquired key strategic assets to extend Nestlé’s activities in the field of specialised, medical skin treatments, providing consumers with life-enhancing scientific products,” says Nestlé chairman Peter Brabeck-Letmathe.
Deal is set to also reinforce Galderma's efforts
The deal follows Nestlé’s February 11th announcement that it had plans to extend its activities to include the field of specialised medical skin treatments through ‘Nestlé Skin Health’.
At the time, the Swiss giant had just taken over the Galderma dermatology joint venture it had with L'Oreal and dropping hints of more deals to come.
On acquiring full ownership of the brand, company chairman Peter Brabeck-Letmathe said standalone Galderma “gives us greater freedom because from time to time, it was rather restrictive.”
Galderma’s Scientific Division has laboratories located in France, Sweden, United States, Japan and Switzerland.
“Nestlé Skin Health will have a broad commercial and R&D platform able to deliver state of the art solutions focused on maintaining, treating and restoring the health of the skin,” says Nestlé CEO Paul Bulcke.
“With this Valeant deal, Galderma’s leading position in the industry will be reinforced when it becomes Nestlé Skin Health by allowing it to complete its geographic footprint for its strong portfolio of brands and leading medical solutions globally,” he adds.
In the meantime the brand's existing infant skin care business 'Bübchen', will be merged into the new entity and the acquisition of Galderma is still awaiting final regulatory clearance.