Valeant Pharmaceuticals International, announced that its wholly owned subsidiary, Valeant Canada Limited, has agreed to acquire Laboratoire Dr Renaud, a leading cosmeceutical company located in Laval, Quebec, Canada for approximately C$23 million. As part of the transaction, Valeant will also enter into a lease for a state-of-the-art, 45,000 square foot facility that includes a manufacturing plant completed in 2007 specializing in topical formulations. Laboratoire Dr Renaud currently has annualized sales of approximately C$11 million and the transaction is expected to be accretive in 2010. The transaction is subject to customary closing conditions and is expected to occur before the end of the year.

"This acquisition is part of our continued efforts to build a leading dermatology business by adding respected brand names in our select regions," said J Michael Pearson, chairman and chief executive officer. "Laboratoire Dr Renaud enjoys a high degree of loyalty from esthetic clinics and spas and we believe that Valeant will gain immediate entree into the cosmeceutical market in Canada. With exclusive access to a world class topical manufacturing plant and a successful sales and marketing infrastructure, we also have the ability to launch select US dermatology products into Canada and further expand our reach in dermatology."

Valeant Pharma International is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology.