Aliso Viejo-based drug maker Valeant Pharmaceuticals International is paying $285 million for a Northern California maker of drugs to treat acne and other skin conditions.
Valeant is buying Petaluma-based Dow Pharmaceutical Sciences Inc. in a deal set to close in the next few weeks.
Dow, which isn’t related to Dow Chemical Co., is privately held with yearly sales of $45 million. The company was started in a Marin County garage in 1977.
Dow recently received Food and Drug Administration approval for Acanya, a topical treatment for mild to moderate acne.
The drug is set to start selling in early 2009.
Dow also has drugs in development to treat rosacea, fungal infections and warts.
In November, Valeant said it was buying DermaTech Pty Ltd. of Australia for $12.2 million. DermaTech makes over-the-counter and prescription drugs for acne, psoriasis, warts, head lice and nits.
The deals are part of a turnaround effort by Valeant Chief Executive J. Michael Pearson, who’s seeking to build the company’s skin drug business and boost licensing of other drugs.
Valeant’s stock is one of the few locally to be up for year. It is up about 65% on a market value of $1.7 billion as investors bet on Pearson’s turnaround efforts.
