logo
Share SHARE
FONT-SIZE Plus   Neg

Valeant Pharma Says Ryan Weldon To Leave After Skin Care Rights' Sale To Nestle

Canadian drug maker Valeant Pharmaceuticals International, Inc. (VRX,VRX.TO) late Friday announced that Executive Vice President and Company Group Chairman Ryan Weldon will leave the firm following the divestiture of its skin care rights to Swiss foods giant Nestle SA (NSRGY.PK,NSTR.L).

It was on May 28 that Valeant agreed to sell its skin care rights, which includes rights of Restylane, Perlane, Emervel, Sculptra, and Dysport, to Nestle for $1.4 billion cash.

Nestle expects to operate the acquired assets through Swiss dermatology pharmaceuticals company Galderma, the acquisition of which will be completed by Nestle in July. Galderma was a 50/50 joint venture between French cosmetics maker L'Oreal Co. (LRLCY.PK) and Nestlé.

Valeant Michael Pearson, chairman and chief executive officer, said, "As a clear testament to the performance of Valeant's aesthetic commercial team, Galderma is in discussions with the injectable team to discuss long-term opportunities. Although his leadership will be missed, the company has created and developed a strong management team and I am confident Ryan will assist us successfully through this transition period."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
United Parcel Service, Inc. has started to test the use of drones to make commercial deliveries of packages to remote or difficult-to-access locations. On Thursday, the package delivery giant and drone-maker CyPhy Works staged a mock delivery of urgently needed medicine from Beverly, Massachusetts to Children's Island, which is about three miles off the Atlantic coast. Luxury electric car maker Tesla Motors Inc. (TSLA), Thursday filed a lawsuit against state officials over its right to sell vehicles directly to consumers in Michigan. The lawsuit has been filed against Governor Rick Snyder, Secretary of State Ruth Johnson and Attorney General Bill Schuette as defendants. Tesla... e.l.f. Beauty (ELF), a maker of cosmetic products, priced its initial public offering above its target range and raised about $141 million. The Oakland-based company opened sharply up on Thursday's trading on the New York Stock Exchange. The company said it sold about 8.3 million shares at $17 in...
comments powered by Disqus
Follow RTT