Valeant Pharmaceuticals International Inc. (VRX: Quote,VRX.TO: Quote) Thursday agreed to acquire certain assets from Swiss Herbal Remedies Limited, a nutraceutical company that makes scientifically formulated vitamins, minerals and supplements, for less than one times sales.
According to Valeant, total net revenue in 2011 from the acquired assets was about C$28 million.
The transaction is expected to close by June 2012 , subject to certain closing conditions and is expected to be accretive in 2012.
"Swiss Herbal's strong brand awareness in Canada will be a great fit with Valeant's current operations," said Michael Pearson , chairman and chief executive officer.
"Swiss Herbal currently holds a leading position in the Canadian consumer channel and will complement our other product offerings, such as COLD-FX, in this important market segment."
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by RTT Staff Writer
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