Valeant Pharma, Biovail Eyes Merger
In a bid to strengthen its markets in North America, Asia, and Europe, California-based Valeant Pharmaceuticals International has agreed to acquire Canadian drug maker Biovail Corp through a merger, which also aims to save the latter from continued falling sales due to previous financial scandals.
California-based Valeant Pharmaceuticals International has agreed to acquire Canadian drug maker Biovail Corp through a merger, which aims to save the latter from continued falling sales due to previous financial scandals.
Valeant spokespersons said that the merger will allow a more significant growth for the company, including the strengthening of its markets in North America, Asia, and Europe.
Biovail is the maker of the popular antidepressant drug called “Wellbutrin XL” and extended-release pain reliever “Ultram ER.” Meanwhile, Valeant is known for its medicine for chronic illnesses and other generic drug lines.
The drug firms’ boards have approved the merger with Valeant buying Boivail shares at a premium rate of 15 percent.
The deal also said that shareholders getting the better part of the deal. Based on reports, Valeant shareholders will receive a dividend worth $16.77 and around 1.7809 Biovail shares.
A new company will be put up after the deal closes with the leadership being divided from both firms. It was reported that Valeant Chairperson and CEO Michael Pearson will be the chief executive while Biovail CEO Bill Wells will be a non-executive chairman of the new company.
The new company’s board will also be divided from the officials of both companies with five board members, respectively. Also, an independent Canadian resident will also be selected by the drug giants to represent the consumers.
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