June 21, 2010
In a deal worth approximately US$3.3 billion, Canada's largest publicly owned pharmaceutical company Biovail is to take over United States–based Valeant Pharmaceuticals International. The deal will create a company that retains the Valeant name and is run by Valeant's existing CEO Michael Pearson.
Shareholders of Biovail, maker of such drugs as Wellbutrin, will own 50.5% of the new company, while Valeant shareholders will own 49.5%.
"The merger will create an even stronger player here in Canada, and allows Biovail to take a giant step forward and complete its transition to a new type of company," said Cheryl Reicin.
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