Valeant Pharmaceuticals to make acquisition

Valeant Pharmaceuticals, a multinational pharmaceutical company, recently announced that it has agreed to acquire OraPharma, a specialty oral health company.

Valeant will acquire the company from Water Street Healthcare, a private equity firm.

"We are excited to enter a new attractive market segment with an already established sales infrastructure focused entirely on the dental community," said J. Michael Pearson, chairman and CEO of Valeant. "We believe that this market segment has similar characteristics to the dermatology, podiatry and ophthalmology markets and should offer us the opportunity to cross-sell some of our current products, most notably our new topical prescription cold sore medication, Xerese."

The transaction is not expected to be completed until the end of June, but will include a total consideration of $312 million.

Valeant also recently announced the successful syndication of $600 million of incremental term loans under its senior secured credit facilities, which will mature in 2019.