Valeant buys assets from Atlantis Pharma

Valeant Pharmaceuticals International Inc.agreed to pay $71 million to acquire assets from Atlantis Pharma, a generics pharmaceutical company based in Mexico.

The specifics of the acquisition by Canada’s largest publicly traded drug company were not disclosed Wednesday, but the company said they had cumulative revenues of about $26 million in 2011.

Atlantis Pharma owns a portfolio of assets that includes products in gastro, analgesics and anti-inflammatory therapeutics, Valeant said.

The company also forecast double-digit growth on the acquired assets this year, and said it would immediately add to profitability.

“Atlantis Pharma’s well-known brands in Mexico, and the potential to expand our export business to Central America and the Andean region, make this a strong addition to our current operations in Mexico,” said president and CEO Michael Pearson in a release.

“The ability to combine these assets with our existing operations in Mexico should provide distinct commercial synergies for our overall business.”

The acquisition is slated to close in the second quarter, pending certain conditions and approvals.

Earlier this month, Valeant announced plans to move its global headquarters to the Montreal area to focus on over-the-counter dermatology products. A research and development centre is planned for consumer dermatology in Laval.