Afexa Life Sciences Inc. to be purchased by Valeant Pharmaceuticals
Valeant Pharmaceuticals International, Inc. said that it would purchase Afexa Life Sciences Inc. in a deal worth C$76 million. Headquartered in Edmonton in Alberta, Canada, Afexa makes annual profits worth C$40 million, and is involved in the marketing of several consumer brands, such as COLD-FX and COLDSORE-FXT.
J. Michael Pearson, chairperson and chief executive officer of Afexa, said, “We are pleased to have the full support of Afexa’s management team and board of directors for a transaction that we believe should deliver significant benefits to our customers, employees and shareholders. Afexa’s strong franchise of consumer brands, including COLD-FX, Canada’s leading over the counter (OTC) cold and flu treatment, will be a solid addition to our developing OTC product portfolio in Canada. Afexa’s product line, combined with our portfolio from VitalScience, including dermaglow, and our recent Canadian launch of CeraVe, will provide the critical mass we need in the OTC market and should provide Valeant Canada with another platform for growth.”