Sanofi, a global and diversified healthcare leader, has completed the divestiture of dermatology business, Dermik, to Valeant Pharmaceuticals International Inc., a pharmaceutical company focused on the neurology and dermatology therapeutic areas, for a total cash consideration of US $422.5 million.
The scope of 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. Also included in the scope is Sanofi’s Laval, Canada site, which includes Dermik’s manufacturing facility. Sanofi’s Canadian affiliate, sanofi-aventis Canada, will maintain its operations in greater Montreal.
Dermik sales are expected to reach more than US $200 million for the year 2011.