Aliso Viejo-based Valeant Pharmaceuticals International said Wednesday it’s spending $95 million to buy skin drug maker Coria Laboratories Ltd.
Valeant is buying Coria from its parent company, DFB Pharmaceuticals Inc. of Fort Worth, Texas, and other shareholders.
Coria makes skin care products for dermatitis and acne.
Valeant’s buy of Coria “is a key step in transforming” its domestic dermatology business and “gaining the critical mass and profitability we need,” said J. Michael Pearson, Valeant’s chief executive, in a statement.
Valeant, during the seven months Pearson’s been its leader, has cut jobs and operations. It received $425 million for a sale of its Eastern and Western European business to Sweden’s Meda AB.
Valeant has also sold its Asia Pacific business and cut jobs, and also plans to sell its African and Middle Eastern subsidiaries.
