June 22, 2010 |
The once high-flying drug company Valeant Pharmaceuticals International of Aliso Viejo will be taken over by Biovail Corp. of Canada to form a new company that retains the Valeant name, the firms said Monday. The headquarters of the new Valeant will be in Mississauga, Ontario, but the Orange County office will remain open and the current Valeant chief executive, J. Michael Pearson, will head the new company. Not everyone will stay, however. Pearson said combining the companies, which is expected to be completed by the end of the year, would result in job cuts of up to 20% from their workforce.
November 12, 2003 |
ICN Pharmaceuticals' mission was to come up with a name that had panache -- but not Panic. Three months and $1 million later, executives have settled on Valeant Pharmaceuticals International. The appellation, which will be unveiled today, will help distance the Costa Mesa company from its checkered past and flamboyant founder, Milan Panic, while conveying a renewed sense of "values" and "vitality," said Timothy Tyson, president and chief operating officer.
December 14, 2006 |
Schering-Plough Corp. said it agreed to license an experimental treatment for hepatitis B from Valeant Pharmaceuticals International and Metabasis Therapeutics Inc. Costa Mesa-based Valeant will receive an upfront payment of $19.2 million, and La Jolla-based Metabasis, $1.8 million, Schering-Plough said. Valeant licensed the drug, pradefovir, in 2000 from Metabasis and has been testing it for hepatitis B, a potentially fatal liver disease that affects 2 billion people, the company said.
September 18, 2008 |
Valeant Pharmaceuticals International agreed to buy Coria Laboratories for $95 million, adding the closely held drug maker's U.S. skin drugs. Valeant will buy all outstanding shares of the Fort Worth company from Coria parent DFB Pharmaceuticals Inc. and other shareholders, Valeant said. The deal will add to Valeant's earnings next year, the Aliso Viejo drug maker said. Valeant's products include Efudex for sun-damaged skin and Virazole for infant respiratory infections.
February 5, 2008 |
Valeant Pharmaceuticals International named J. Michael Pearson, formerly of consulting group McKinsey & Co., as chief executive to succeed Timothy C. Tyson, who resigned. Pearson will also become chairman immediately, replacing Robert A. Ingram, who will remain as lead director, the company said. Valeant stock has lost 31% of its value in the last year. That includes a 17% drop Nov. 1 after the Aliso Viejo, Calif., company's earnings missed estimates. Valeant last month sold U.S. and Canadian rights to hepatitis C drug Infergen to focus on more profitable drugs and streamline its sales force.
April 15, 2008 |
Shares of Valeant Pharmaceuticals International fell the most in five months as the Costa Mesa drug developer regroups after its president quit last month. Valeant reported April 1 that its president, Charles J. Bramlage, quit in late March and that it couldn't estimate the costs of a planned restructuring, which includes firings and asset sales. The price fell $1.12, or 8.3%, to $12.44 a share, and earlier declined 10%. Valeant also fell in early November after third-quarter earnings missed estimates.
August 12, 2008 |
Valeant Pharmaceuticals International reported a second-quarter loss as the Aliso Viejo company continued to pare its operations by eliminating businesses overseas. Valeant posted a loss of $74.6 million, or 83 cents a share, compared with a profit of $16.9 million, or 18 cents, a year earlier. Revenue fell 6% to $206.8 million. Excluding one-time items, Valeant recorded a loss of 6 cents a share. On average, analysts polled by Thomson Financial expected a loss of a penny a share.
May 8, 2008 |
Valeant Pharmaceuticals International said its first-quarter net income edged up slightly. However, with results adjusted for continuing operations, the Aliso Viejo-based specialty pharmaceutical company posted a loss, missing Wall Street expectations. The company said it earned $9.5 million, or 11 cents a share, compared with $9.3 million, or 10 cents, a year earlier. Revenue fell 5% to $194.7 million. Excluding discontinued operations and certain one-time costs and gains, Valeant lost $3.9 million, or 4 cents a share.
October 24, 2006 |
Valeant Pharmaceuticals International said Monday that it would restate some financial results because of errors in the Costa Mesa company's accounting for stock options. Based on the review so far, the company said financial statements for 1997 and after should no longer be relied upon because of option accounting errors. Moody's Investors Service reacted to news of the accounting errors by placing Valeant's debt under review for possible downgrade.