Aliso Viejo drug maker Valeant Pharmaceuticals International said Monday that it’s spending $12 million for the rights to a wrinkle-reducing skin cream.
Valeant said it is paying Fort Myers, Fla.-based Spear Pharmaceuticals Inc. for the rights to Refissa, and the companies are going to share profits.
Refissa, which was launched last year, is a prescription cream that’s used to diminish fine wrinkles and fade irregular skin pigmentation due to sun damage. Valeant said that sales of the Refissa line totaled about $5 million in 2009.
Valeant has made several buys of skin drug companies to build its dermatology business since Chief Executive J. Michael Pearson took over two years ago.
Those deals have been of various sizes, ranging from smaller deals such as the Refissa one to a $285 million buy in 2008 of Dow Pharmaceutical Sciences Inc., a Northern California maker of drugs to treat acne and skin conditions.
