July 30, 2009 (FinancialWire) — Valeant Pharmaceuticals International (NYSE: VRX) said it has signed a definitive sale and purchase agreement to acquire Mexico-based Tecnofarma S.A. de C.V. for around $33 million.

Privately-held Tecnofarma is a producer of generic pharmaceuticals, which has around $33 million in annual sales primarily to government and private label markets, according to Valeant.

Tecnofarma has a number of manufacturing sites including a new 160,000 sq. ft. manufacturing plant. Valeant said that the capability will allow its Latin American unit to reduce its dependence upon third party manufacturers.

Valeant also said that Tecnofarma has eighty registered products that can be introduced into the branded generic market in Mexico.

Aliso Viejo, California-based Valeant Pharmaceuticals is a specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products primarily in the areas of neurology and dermatology.

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