Valeant announces $1.75 bln debt offering to fund Medicis deal
TORONTO, Sept 19
TORONTO, Sept 19 (Reuters) - Valeant Pharmaceuticals International Inc said on Wednesday it is offering about $1.75 billion of senior unsecured notes through a U.S. subsidiary to help fund its acquisition of Medicis Pharmaceutical Corp.
Separately, the company said it plans to offer about $500 million in senior unsecured notes. The proceeds from the offering will be used for general corporate purposes, including potential acquisitions.
Earlier this month, the Canadian drugmaker said it would acquire U.S. rival Medicis for $2.6 billion in a deal that will add Botox competitor Dysport and other skin care drugs to its portfolio.
Valeant, the largest publicly traded drugmaker in Canada, has been on an acquisition spree since its 2010 takeover by Biovail Corp. Chief Executive Michael Pearson prefers growth through acquisitions to heavy spending on research. The drugmaker has been bulking up its skin care portfolio in the United States in recent months.