Canadian drug maker Valeant Pharmaceuticals International, Inc. (VRX: Quote,VRX.TO: Quote) 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
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