October 1, 2009 (FinancialWire) — Valeant Pharmaceuticals International (NYSE: VRX) said it has agreed to acquire Private Formula International Holdings Pty Ltd., an Australian skincare company. Under the terms of the purchase agreement, at closing Valeant will pay around $69 million and will issue 162,500 shares of Valeant common stock.

Under the deal, Valeant is acquiring global rights to the Dr. LeWinn’s brands, a premium skincare line, Hissyfit, a newly launched anti-aging skin care line, and Revitanail - called Renunail in the U.S. and United Kingdom - which is a line of nail strengtheners.

Dr. LeWinn’s is distributed throughout Australia in more than 2,500 pharmacies, as well as through department stores, and posts current annualized sales of around $27 million.

The shares to be paid at closing will be placed in escrow for four years and be subject to indemnity claims from Valeant, according to the company. The transaction is scheduled to close in early October and is expected to be accretive to Valeant in 2010.

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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