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Valeant Pharma to pay $77.6M for Afexa

Valeant Pharma to pay $77.6M for Afexa

Canadian drugmaker Valeant Pharmaceuticals International Inc. said Tuesday it will buy cold remedy maker Afexa Life Sciences Inc. for about 76 million Canadian dollars ($77.6 million).
Afexa, based in Edmonton, Alberta, sells consumer brands including Cold-FX and Coldsore-FXT and has annual revenue of about 40 million Canadian dollars ($40.8 million). Valeant said in a statement the deal will help provide the "critical mass" it needs in the over-the-counter drug market, and it should provide Valeant Canada with another growth platform.
Valeant focuses on areas including neurology and dermatology.
Valeant said Afexa's board has unanimously approved the deal and recommended that the company's shareholders tender their shares, which trade on the Toronto Stock Exchange.
U.S.-traded shares of Valeant fell 58 cents to $44.08 in Tuesday morning trading.


Updated : 2021-10-21 12:22 GMT+08:00