Valeant to acquire Coria Laboratories.

Valeant Pharmaceuticals has signed a definitive agreement for the purchase of privately-held speciality drug company Coria Laboratories.

Under the terms of the deal, Valeant will purchase the entire shareholding in Coria from its parent firm DFB Pharmaceuticals and other shareholders for a total sum of $95 million (52.2 million pounds), subject to adjustments.

Valeant said this deal would enhance the company’s dermatology franchise through the gaining of a number of products which complement its existing portfolio in this area.

These include the CeraVe skincare line, Cloderm cream for the treatment of dermatoses, Salex for hyperkeratotic skin disorders, Tetrix cream for hand dermatitis and Akne-Mycin and Atralin for acne.

It will also significantly expand the business of the company in the US.

J Michael Pearson, chairman and chief executive officer of Valeant, said: “Valeant is committed to growing our dermatology franchise and this acquisition is a key step in transforming this business in the US and gaining the critical mass and profitability we need.”

He added that the transaction would be accretive to the company’s earnings in 2009, with identified synergies being made between the two firms.

In August 2008, Valeant and GlaxoSmithKline announced a worldwide collaboration agreement for retigabine.