Meda purchases Valeant’s European businesses

Meda has announced the acquisition of the European pharmaceutical businesses from US firm Valeant.

The company has acquired the segments in western and eastern Europe in a move it has described as consistent with its growth strategy.

Sales levels of the newly-acquired businesses are equal to 1,100 million Swedish kronor (93.6 million pounds), while they have around 380 employees.

With this acquisition, Meda will enter the Russian market with its own organisation while realising significant market synergies in eastern Europe.

It will also improve its position in western Europe, with this increased strength especially apparent in the UK.

Anders Lonner, chief executive officer of Meda, said: “I’m really glad that we have reached this deal with Valeant.

“This acquisition has a perfect fit with our operations in Europe.”

He added this deal will give the company a foothold to introduce many of its pipeline products in Europe, with the company also looking forward to other long-term collaborations with Valeant in other areas.

In April 2008, Meda announced the acquisition of the exclusive worldwide commercialisation rights to two drugs patented by Orexo.

Both insomnia treatment Sublinox (zolpidem) and antihistamine nasal spray OX-NLA (cetirizin) are in the latter stages of clinical development.