Sanofi completes sale of Dermik to Valeant Pharmaceuticals

Sanofi has announced the completion of the sale of its dermatology business unit Dermik to Valeant Pharmaceuticals.

Ownership of the division has been transferred for a total cash consideration of $422.5 million (268.43 million pounds), including corporate assets in the US and Canada and an aesthetic business with global reach.

It also encompasses the sale of Sanofi's former manufacturing site in Laval, Canada, which is home to the Dermik production facility, although this will not affect Sanofi's operations in Greater Montreal.

This divesture arrangement was originally announced in July 2011 and is designed to allow Sanofi to concentrate on its core growth platforms in future, while Dermik will benefit from Valeant's strong dermatology expertise.

Products from the Dermik range include BenzaClin, Carac and Sculptra, with sales for the unit expected to exceed $200 million this year.

Christopher Viehbacher, chief executive officer of Sanofi, said: "This divestiture allows us to rationalise our portfolio and improve focus on our core businesses."