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
The air travel industry has always struggled to earn a good reputation for customer service, but frankly, there are several issues related to customer satisfaction that are beyond the control of airlines. Security issues and airlines' dependence on the volatile fuel market are challenging issues that... Changyou.com Ltd. (CYOU) Monday reported first quarter net income attributable to Changyou.com of $30 million, down from $32 million in the prior year. Adjusted net income was $35 million. The online games developer noted that its first quarter was impacted by currency fluctuations. On average, five... Dutch consumer electronics giant Philips Electronics NV reported Monday significantly higher earnings in its first quarter as sales were boosted by higher volume. Looking ahead, the company said its outlook for 2017 remains unchanged as it expects further operational improvements and comparable sales growth in the year to be back-end loaded.
comments powered by Disqus
Follow RTT