French drug maker Sanofi (SNY, SNYNF.PK) on Monday said that it has completed the divestiture of its dermatology business, Dermik, to Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) for a total cash consideration of $422.5 million.
The transaction includes Dermik assets, which consist of an aesthetic and therapeutic business in the United States and Canada, as well as an aesthetic business around the world. Sanofi also sold its Laval, Canada site, which includes Dermik's manufacturing facility. Dermik sales are expected to reach more than $200 million for the year 2011.
However, Sanofi's Canadian affiliate, sanofi-aventis Canada, will maintain its operations in greater Montreal.
Valeant is a pharmaceutical company focused on the neurology and dermatology therapeutic areas, based in Mississauga, Ontario, Canada.
On December 12, Valeant had said that the Federal Trade Commission or FTC voted unanimously to approve the consent orders in connection with the Dermik deal as well as its acquisition of U.S. assets of Ortho Dermatologics, a division of Janssen Pharmaceuticals, Inc.
It was in July that Valeant announced that it and its subsidiary, Valeant International (Barbados) SRL, entered into an agreement to acquire Dermik in the U.S. and Canada, as well as the rights to Sculptra Aesthetic worldwide (other than in France).
Sanofi closed its Friday's trading at 53.43 euros, up 0.23 euros or 0.43 percent in Paris.
VRX settled at $45.33, up $0.47 or 1.05 percent.
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