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Valeant to sell filler, toxin rights to Nestle
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Valeant Pharmaceuticals has agreed to sell all rights to Restylane, Perlane, Emervel, Sculptra and Dysport, all currently owned or held by Valeant, to Nestle S.A. for $1.4 billion in cash, according to a press release.
Nestle expects to operate the acquired assets through Galderma S.A, with completed acquisition anticipated in July, the release stated.
“We are pleased to enter into this transaction,” J. Michael Pearson, chairman and CEO of Valeant Pharmaceuticals, said in the release. “Galderma, under the leadership of Humberto Antunes, CEO of Galderma, not only has a history of building strong businesses, but is firmly committed to the aesthetic dermatology. Galderma has already built a strong franchise with Restylane, Perlane, Dysport and Emervel outside North America and, with the addition of Sculptra, will now have the ability [to] bring their expertise to the U.S. and Canada.”
The transaction is not contingent upon a successful agreement with Allergan, according to the release. It is subject to customary closing conditions, which includes the clearance or early expiration of the waiting period under the Hart-Scott-Rodino Act.
“We believe that this transaction is extremely attractive both to Valeant and Galderma, and dovetails well with our announced plans for a transaction with Allergan,” the company stated in the release.