Valeant announces divestment to simplify business operations

Valeant Pharmaceuticals has announced that it has divested some of its international business in a moved designed to further simplify its operations.

The company has sold its Asia Pacific business to Invidia Pharmaceutical Holdings for a total sum of $37.8 million (18.8 million pounds).

Under the terms of the agreement, Invidia will purchase the existing licensing rights and commercial business of Valeant in 12 Asian markts, including China, the Philippines, Korea, Singapore and Taiwan, as well as some Japanese product rights.

Included in the deal are global brands such as Dermatix, Efudix and Kinerase.

J Michael Pearson, chief executive officer and chairman of Valeant, said: “The sale of our Asian markets and operations to Invida is an important first step in simplifying our business.”

He added that the Asia Pacific business was a subscale operation for the company and as such was diverting unnecessary resources and management resources.

Invidia reports that its acquisition of this business will strengthen its own therapeutic areas of focus and enable it to lay a foundation for sustainable growth, while also improving its medical and marketing capabilities.

J Michael Pearson was appointed as new chief executive officer and chairman of Valeant last month, replacing Timothy C Tyson and Robert A Ingram in these respective positions.