(Reuters) - Top Canadian drugmaker Biovail Corp BVF.TOBVF.N will buy Valeant Pharmaceuticals International VRX.N in a complex deal worth roughly $3.3 billion engineered by the U.S. drug maker to preserve a lower tax structure.
The combined company will take Valeant’s name and expects to reap cost savings, see its cash flow triple from Valeant’s roughly $300 million and specialize in products for central nervous system disorders and dermatology.
Following are some key facts about Biovail and Valeant.
- Founded in the late 1980s.
- Specializes in controlled-release, drug-delivery technology.
- Headquartered in Mississauga, Ontario, Canada.
- Main manufacturing facility located in Manitoba, with another facility in Puerto Rico.
- Principal operating subsidiary, Biovail Laboratories International, is located in Barbados.
- 1,249 employees as of May, 2010.
- Posted first quarter net loss of $3.2 million.
- 2009 revenues were $820.4 million.
- Its current portfolio includes over 20 products, including branded, legacy and generic drugs.
- Key drugs on the market include Wellbutrin XL, for the treatment of depression, and Tiazac XC, for chest pain and mild to moderate high blood pressure.
- Drugs in the pipeline include: Staccato loxapine for the treatment of agitation in schizophrenia and bipolar patients, pimavanserin for Parkinson’s disease psychosis, BVF-018 for the treatment of Tourette Syndrome and CX717 for the treatment of respiratory depression.
- Refocused business on treatment of central nervous system disorders in 2008.
- Founded in 1960, the company develops, manufactures and markets pharmaceutical products that are primarily in neurology and dermatology.
- Headquartered in Aliso Viejo, California.
- Manufacturing sites in Canada, Brazil, Poland and Mexico.
- Approximately 3,100 employees.
- Reported first quarter profit from continuing operations of $35.6 million.
- 2009 revenues were $830.5 million.
- Key drugs on the market include Efudex/Efudix, used for skin cancer treatment, and DIASTAT AcuDial, used by patients with epilepsy who need to control bouts of increased seizure activity.
- Drugs in the pipeline include: retigabine for the treatment of epilepsy and pain, taribavirin for the treatment of chronic hepatitis C, and compounds for the treatment of rosacea and oral acne.
Writing by Solarina Ho; editing by Mario Di Simine