CANADIAN PHARMACEUTICAL GIANT LOADING ITS LEG IN LITHUANIA
June 14, 2011, Invest Lithuania, www.investlithuania.com
The Canadian pharmaceutical giant Valeant Pharmaceuticals International, Inc. (Valeant) announced of its plan to acquire Lithuania’s largest drugs producer AB Sanitas. The major shareholders of Sanitas agreed to sell 87.2 % of the outstanding company shares to Valeant, with at least 82.6 % of the outstanding shares required to be delivered at closing.
The total purchase price is expected to be approximately EUR 314 million in cash, in addition to the assumption of approximately EUR 50 million in debt. It will be the largest acquisition in the three Baltic States in recent years as well as will make Valeant the single largest Canadian investor in Lithuania.
"This is a very good deal for Lithuania and for the region. Lithuania has appeared on top level player’s, which has operations all over the world, map, and it is physically loading its leg in Lithuania. " - the representative of Sanitas Vytautas Bučas said.
Sanitas, a publicly-traded specialty pharmaceuticals company based in Kaunas, Lithuania, has a broad branded generics product portfolio consisting of 390 products in nine countries throughout Central and Eastern Europe, primarily Poland, Russia and Lithuania. Sanitas has in-house development capabilities in dermatology, ophthalmology and hospital injectables and a robust pipeline of internally developed and acquired dossiers.
Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics.
