Janssen to sell off Ortho Dermatologics

Janssen Pharmaceuticals has announced that it will be selling off its Ortho Dermatologics division to Valeant Pharmaceuticals.

The transaction has been valued at around $345 million (214 million pounds) and is expected to close before the end of the year, with Janssen set to divest all assets pertaining to the unit to Valeant subsidiaries.

This will involve the transfer of prescription brands such as Retin-A Micro, Ertaczo and Renova, with total revenue for the Ortho Dermatologics product portfolio coming to $150 million last year.

J Michael Pearson, chairman and chief executive officer of Valeant, said his company is buying the business as it seeks to become a dermatology sector leader.

"We believe that dermatology remains an attractive therapeutic area for Valeant and we are pleased to able to add another strong franchise to our growing operations," he explained.

Last month, it was announced that Tibotec Therapeutics – another member of the Johnson and Johnson group – is rebranding under the new name Janssen Therapeutics in order to share the brand identity of the Janssen Pharmaceuticals group.