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Valeant continues on acquisition trail

Canadian pharmaceutical company Valeant has reportedly made a takeover bid for Medicis Pharmaceutical

Valeant Pharmaceuticals has made a takeover bid for Medicis Pharmaceutical, according to The Wall Street Journal.

An acquisition of Medicis, which makes dermatological and aesthetic pharmaceutical products, would fit with Valeant's stated goal of becoming a leader in the sector. 

According to reports, Arizona-based Medicis has been left vulnerable to a takeover approach as its shares have underperformed the broader market following the unusual death of its chief executive Jonah Shacknai's girlfriend, who was found bound, nude and hanged from a balcony at his mansion near San Diego in July.

Valeant has been on the acquisition trail since it failed in May to acquire US rival Cephalon for $5.7bn. In February it bought the privately held firm PharmaSwiss for €350m in a move to strengthen its European presence. It acquired AC Santos in May, and in July 2011 it bought Sanofi's Dermik dermatology unit for $425m.

At the end of July Valeant was rumoured to be considering making a bid for Swedish-based pharmaceutical company Meda.

9th August 2011

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