Valeant Gets More Questions From U.S. Regulators on Dermatology Deal
From Canadian Press DataFile (September 20, 2011)
MISSISSAUGA, Ont. -- Drug maker Valeant Pharmaceuticals International, Inc. (TSX:VRX) says it has received two separate requests for additional information from the Federal Trade Commission over its proposed takeovers of Dermik and Ortho Dermatologics.
The company said Tuesday the requests are part of the regulator's review under U.S. antitrust laws and will extend the waiting period before the deals can be finalized.
In July, Valeant signed a deal to acquire Dermik, a dermatology unit of Sanofi in the U.S. and Canada. It also agreed to buy the assets of the Ortho Dermatologics division of Janssen Pharmaceuticals, Inc.
"Valeant continues to expect that both the Dermik and Ortho Dermatologics transactions will close by the end of the year and prior to the termination date set forth in the related acquisition agreement," the company said in a release before stock markets opened Tuesday.
In another development, Valeant said it plans to refinance the existing credit line of its global operating unit.
The proposed $1.7 billion senior secured credit line will consist of a $200 million revolving line of credit and a $1.5 billion loan.
Valeant , formerly known as Biovail, is a specialty pharmaceutical company that develops, manufacturers drugs used in neurology, dermatology and branded generics.
Posted: September 2011