February 1, 2011 / 5:31 AM / 7 years ago

UPDATE 1-Valeant Pharma to buy PharmaSwiss for $480 mln

* Deal valued at 350 million euros

* Up to 30 mln euros more may be paid to PharmaSwiss holders

(Adds details of deal)

Feb 1 (Reuters) - Canada's Valeant Pharmaceuticals International has agreed to buy PharmaSwiss, a Swiss-based privately held branded generic drugs firm for 350 million euros ($480 million).

"This acquisition of PharmaSwiss solidifies our position as a leading pharmaceutical company in Central and Eastern Europe," Valeant Chief Executive Michael Pearson said in a statement.

Upon closing, PharmaSwiss is expected to have about 38 million euros of cash on hand and no debt, Valeant said.

Up to an additional 30 million euros may be payable to certain stockholders of PharmaSwiss based upon achievement of certain milestones, Valeant said.

Over time, Valeant business in Central Europe will be combined under the PharmaSwiss corporate structure, based in Zug, Switzerland. ($1=.7291 EURO) (Reporting by Sakthi Prasad in Bangalore; Editing by Muralikumar Anantharaman)

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