UPDATE 1-Valeant says to buy pharma co in Brazil for $56 mln

* Expects deal to add to results in 2010

* Expects deal to close in Q2

* Second acquisition in Brazil this year

April 21 (Reuters) - Valeant Pharmaceuticals International VRX.N agreed to buy a privately held Brazilian pharmaceutical company for about $56 million, its second acquisition in as many months in that country, expanding its Latin American franchise.

The private company focuses on branded generics and over-the-counter (OTC) products and had annual sales of about 49 million Brazilian reals in 2009, Valeant said.

The deal is expected to close in the second quarter and will add to Valeant’s results in 2010, it said.

In March, Valeant had said it would buy a Brazil-based drugmaker for about $28 million to expand its generics and dermatology portfolio. [ID:nSGE62I0FH]

Shares of Valeant closed at $41.87 Tuesday on the New York Stock Exchange. (Reporting by Shailesh Kuber in Bangalore; Editing by Aradhana Aravindan)