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Valeant CEO Michael Pearson is seen in one of the company's laboratories. (Ryan Remiorz/Ryan Remiorz/THE CANADIAN PRESS)
Valeant CEO Michael Pearson is seen in one of the company's laboratories. (Ryan Remiorz/Ryan Remiorz/THE CANADIAN PRESS)

Valeant buys some Mexican generic drug maker's assets Add to ...

Valeant Pharmaceuticals International Inc said it will buy certain assets from Atlantis Pharma, a branded generic pharmaceutical company, for about $71-million, to expand its footprint in Mexico.

Valeant has been on a buying spree across various geographies since Michael Pearson took over as its chief executive four years ago.

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The company avoided deals in Latin America last year because of high asset prices, but Mr. Pearson said prices are now more attractive.

The acquired assets, which had a total revenue of about $26-million in 2011, are expected to deliver double-digit growth this year, Valeant said in a statement.

The deal, likely to close in the second quarter, is expected to immediately add to Valeant earnings.

Mexico-based Atlantis Pharma has gastro, analgesics and anti-inflammatory therapeutic products.

“Atlantis Pharma’s well-known brands in Mexico, and the potential to expand our export business to Central America and the Andean region, make this a strong addition to our current operations in Mexico,” Mr. Pearson said in a statement.

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