Valeant Pharmaceuticals Agrees to Sell Manufacturing Facilities in Basel, Switzerland and Humacao, Puerto RicoALISO VIEJO, Calif.--(BUSINESS WIRE)--Jun 5, 2007 - Valeant Pharmaceuticals International (NYSE: VRX) announced today that it has signed an agreement to sell its manufacturing facilities in Humacao, Puerto Rico and Basel, Switzerland to Legacy Pharmaceuticals International. Terms of the transaction were not disclosed. Additionally, the sale includes the divestiture of the company's product Reptilase.
Timothy C. Tyson, Valeant's president and chief executive officer, said, "The sale of the two manufacturing sites in Basel and Humacao represents the final step in our restructuring initiative, most of which was completed last year. We continue to make excellent progress toward the achievement of our metric goals."
Valeant Pharmaceuticals International (NYSE:VRX) is a global specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, infectious disease and dermatology. More information about Valeant can be found at www.valeant.com.
This press release contains forward-looking statements, including, but not limited to, statements regarding the achievement of the company's metric goals that are based on management's current expectations and involve risks and uncertainties, including, but not limited to, success of the company's strategic restructuring initiatives and the ability of management to execute them, cost-cutting measures, success of the company's strategic plan and the ability to achieve financial targets and cost reduction goals, general economic factors and business and capital market conditions, general industry trends and changes in tax law requirements and government regulation, and other risks detailed from time to time in Valeant's SEC filings. Valeant wishes to caution the reader that these factors, as well as other factors described in Valeant's SEC filings, are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements. Valeant also cautions the reader that undue reliance should not be placed on any of the forward-looking statements, which speak only as of the date of this release. The company undertakes no responsibility to update any of these forward-looking statements to reflect events or circumstances after the date of this release or to reflect actual outcomes.
Jeff Misakian, 949-461-6184
Posted: June 2007