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
Low-cost airline Allegiant Air announced its order for brand-new aircraft for the first time in its history. The carrier announced on Friday it had reached a deal to purchase 12 current-generation models of Airbus' A320 narrow-body jets. The company termed the deal as "another step towards Allegiant's... Los Angeles City officials have filed criminal charges against Soylent CEO Robert Rhinehart for placing a bright red shipping container on Montecito Heights hillside as part of his "experiment in sustainable living." City Attorney Mike Feuer Friday announced that his office has filed multiple criminal... A new study says that if Hillary Clinton is elected then her proposals will strengthen the U.S. economy and create millions of jobs. According to Moody's Analytics, Hillary Clinton's economic proposal would oversee a "somewhat stronger U.S. economy." The conclusion was reached after assessing her...
comments powered by Disqus
Follow RTT