Valeant acquires Private Formula International

Valeant Pharmaceuticals International announced last week that it has agreed to acquire leading Australian skincare company, Private Formula International Holdings Pty Limited.

Through its acquisition of Private Formula International, Valeant will gain control of the company’s assets including the Dr. LeWinn’s premium skincare brands, Hissyfit, an anti-ageing skin care line, and Revitanail (Renunail in the U.S. and United Kingdom), a line of nail strengtheners.

Dr. LeWinn’s is distributed through over 2,500 pharmacies in Australia, as well as through major department stores in Australia and overseas. It has current annualised sales of approximately AUD$31 million. The transaction, which is subject to customary closing conditions, is projected to close in early October and is expected to be accretive to Valeant in 2010.

From closing, all activity for Dr LeWinn’s and Private Formula International Holdings will be the responsibility of Stewart Fairbairn, General Manager of Valeant Pharmaceuticals Australia.

“In this market, Valeant Pharmaceuticals is intent on identifying and acquiring iconic Australian brands like Dr LeWinn’s and supporting their performance with local investment. Dr LeWinn’s is an excellent addition to our existing portfolio of high calibre Australian brands like DermaVeen, UV Triplegard and Nyal,” said Mr. Fairbairn.

“We look forward to adding Dr. LeWinn’s prestigious line of skincare products to Valeant’s growing dermatology portfolio,” stated J. Michael Pearson, chairman and chief executive officer of Valeant Pharmaceuticals International.

“This acquisition will enable Valeant to become a leading skincare company in Australia with brands that are complementary to its current portfolio and will dramatically increase our presence in the pharmacy over-the-counter (OTC) channel. We believe that Dr. LeWinn’s strong brand recognition and wide distribution network will provide us with a solid platform for continued growth in Australasia,” Mr. Pearson said.

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