Valeant buys OTC, generic drug maker

ALISO VIEJO, Calif. A U.S. drug maker has bought a manufacturer of branded generics and OTC products in Brazil.

Valeant Pharmaceuticals International announced Friday that it had bought the company for $28 million. The company, which was not named in Valeant’s statement on the matter, mostly makes dermatology drugs and had annual sales of around $19 million in 2009.

“We are excited to advance our dermatology presence in the Brazilian market, which is one of the leading dermatology markets worldwide,” Valeant chairman and CEO J. Michael Pearson said. “This acquisition gets us closer to building the critical mass we need in the Brazilian pharmaceutical market.”