Pharmaceutical company buys Australian skin care line
The pharmaceutical company headquartered in California specializes in dermatology and neurology therapies and the acquisition will significantly increase the company’s presence in the over-the-counter markets.
Private Formula’s flagship brand is the premium skin care line Dr LeWinn’s.
Available in over 2,500 pharmacies across the country and with annual sales of AUS $27m, Valeant claims Dr LeWinn’s is the biggest selling pharmacy skincare brand in Australia.
The company will be paying approximately AUS $69m and issuing 162,500 shares of Valeant common stock, in the deal which is expected to close early October.
Along with Dr LeWinn, Valeant will also take on newly launched anti-aging range Hissyfit and nail care line Revitanail, which is marketed under the brand name Renunail in the US and UK.
Develop presence in Australasia
According to CEO J. Michael Pearson the acquisition will help build up its name in the Australian dermatology world.
“This acquisition will allow Valeant Australia to become a leading dermatology company in Australia with brands that are complementary to our current portfolio and will dramatically increase our presence in the pharmacy over-the-counter (OTC) channel,” he said.
In addition, the CEO hopes that the acquisition of the well known brand will serve as a ‘solid platform’ from which further growth into Australasia will be possible.
Dr LeWinn will join the company’s other premium skin care line Kinerase, which offers eye care treatments, daily cleansers and sun protection products that retail at $35-120.
