Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) has agreed to acquire OraPharma, a specialty oral health company, from Water Street Healthcare Partners, a private equity firm focused exclusively on the health care industry. Total consideration is around $312 million and up to $114 million in potential contingent payments based on certain milestones, including revenue targets.
OraPharma's lead product is Arestin, a locally administered antibiotic for the treatment of periodontitis that utilizes an advanced controlled-release delivery system and is indicated for use in conjunction with scaling and root planing for the treatment of adult periodontitis. As of March 31, 2012, OraPharma's trailing 12-month net revenue was some $95 million with the business growing at a high single digit rate.
The transaction, which may close in June 2012, is expected to be accretive in 2012.
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