Valeant Pharmaceuticals
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| Type | Public company |
|---|---|
| Traded as | NYSE: VRX TSX: VRX |
| Industry | Pharmaceutical industry |
| Founded | 1960 |
| Headquarters | Mississauga, Ontario, Canada |
| Key people | J. Michael Pearson (Chairman & CEO) |
| Products | Cesamet (nabilone) Efudex Mestinon Diastat Ribavirin (licensed to Schering Plough) |
| Revenue | $683 million (2004) |
| Website | www.valeant.com |
Valeant Pharmaceuticals International, Inc. (NYSE: VRX, TSX: VRX) is a pharmaceutical company with activities spanning the drug discovery pipeline from target identification through clinical trials and commercialization. The focus of the company is on neurology, dermatology and infectious disease with several drugs in late-stage clinical trials and several currently on the market. In addition, Valeant has a portfolio of more than 500 products from its prior history as a group of speciality chemical and radiochemical research, development and supply companies with a history stretching back to the 1960s. Kinerase(R), used kinetin as active entity is one of the most famous product of this company.
[edit] History
The company has undergone major management, operational and strategic restructurings since the 1990s when shareholders of several group units approved the merger of ICN Pharmaceuticals (founded by Milan Panić), ICN Biomedicals, SPI Pharmaceuticals and Viratek into a new global entity, ICN Pharmaceuticals, the immediate forebear of Valeant.
In 2010 Biovail Corporation merged with Valeant Pharmaceuticals International.[1] On May 2011, former Biovall Corporation Chairman and CEO Eugene Melnyk was banned from senior roles at public companies in Canada, for five years and penalized him to pay $565,000 by the Ontario Securities Commission. In the same year, before the merge with Valeant, Melnyk had settled with the United States Securities and Exchange Commission (SEC), agreeing to pay a civil penalty of $150,000 US having previously paid $1 million U.S. to settle other claims with the SEC.[2]
In May 2010, Valeant announced that they are acquiring Aton Pharmaceuticals for about $318 million.[3] On September 28, 2010, Valeant was purchased by Biovail. The new company retained the Valeant name and kept J. Michael Pearson as CEO, but kept Biovail's headquarters in Canada.[4]
[edit] References
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This article uses bare URLs for citations. Please consider adding full citations so that the article remains verifiable. Several templates and the Reflinks tool are available to assist in formatting. (Reflinks documentation) (June 2011) |
- ^ . http://www.forbes.com/feeds/ap/2008/10/09/ap5530646.html.[dead link]
- ^ "Senators owner Melnyk banned for five years from boardrooms of public companies he Financial Post by Barbara Shector, May 5, 2011". http://www.ottawacitizen.com/business/Senators+owner+Melnyk+banned+five+years+from+boardrooms+public+companies/4733378/story.html. Retrieved 2011-05-05.
- ^ "UPDATE 1-Valeant Q1 profit beats Street; to acquire Aton Pharma". Reuters. May 3, 2010. http://www.reuters.com/article/idCNSGE6420HF20100503?rpc=44.
- ^ "Drugmaker Biovail to buy Valeant in $3.3 billion deal". Reuters. June 21, 2010. http://www.reuters.com/article/2010/06/21/us-biovail-valeant-idUSTRE65K1LA20100621.
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