Valeant Pharmaceuticals International, has agreed to acquire certain assets from Swiss Herbal Remedies Limited, a nutraceutical company that manufactures and markets a broad range of scientifically formulated vitamins, minerals and supplements, for less than one times sales. Total net revenue in 2011 from the acquired assets was approximately C$28 million. The transaction is expected to close by June 2012, subject to certain closing conditions and is expected to be accretive in 2012.
“Swiss Herbal's strong brand awareness in Canada will be a great fit with Valeant's current operations,” said J. Michael Pearson, chairman and chief executive officer. “Swiss Herbal currently holds a leading position in the Canadian consumer channel and will complement our other product offerings, such as COLD-FX, in this important market segment.”