Spain’s Almirall eyeing dermatology assets from Canada’s Valeant

Spanish pharmaceutical company Almirall is building up its skin treatments business and could be interested in acquiring dermatology assets from Canada’s Valeant Pharmaceuticals, according to the head of the Barcelona-based company. Valeant is also looking to divest various products as it tries to reduce its debt load and with its new CEO Joe Papa open to selling a range of assets if the price is right.

Following a shake-up of Amirall’s drug portfolio, Chief Executive Eduardo Sanchiz is leading a significant period of change in the company. Building up the dermatology business further would fit the company’s new strategy. Sanchiz told a news agency that they are still at the very initial stages and they are looking at things that could interest them. They are still waiting for more information and studying the situation.

He is also confident that Almirall still has the capacity for another acquisition this year, whether of a single drug, a range of products or a whole company.

Two years ago, Almirall sold its respiratory business to AstraZeneca and has shifted its main focus to dermatology.It acquired Poli Group in November for EUR365 million (US$407 million) and Thermigen in January for US$80 million. The deals boosted its skin franchise, with Poli adding nail disorder products and Thermigen taking it into aesthetic dermatology. Industry analysts believe the Spanish group still has the financial firepower for further acquisitions.

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Category: Features, Pharmaceuticals