Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

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."

Click here to receive FREE breaking news email alerts for Valeant Pharmaceuticals International and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Bank of Japan expanded its massive quantitative and qualitative easing unexpectedly as policymakers assessed it necessary to achieve the 2 percent inflation target even after a sales tax hike in April. In a 5-4 vote, the Policy Board led by Governor Haruhiko Kuroda decided to raise the monetary base at an annual pace of about JPY 80 trillion. LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. After ending the previous session modestly lower, stocks moved mostly higher over the course of the trading day on Thursday. The gains on the day more than offset yesterday's losses, lifting the major averages to their best closing levels in a month.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.