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.
December 16, 2011 |
Shares of Ista Pharmaceuticals Inc. rose higher than the $327-million hostile bid by Valeant Pharmaceuticals International Inc. of Canada, indicating that investors expect more. The Irvine eye medications maker's stock climbed $2.79, or 71.7%, to $6.68 on Friday, more than the $6.50 a share offered by Valeant. The surge was the most since Ista became publicly traded in August 2000. Valeant, which has announced 10 acquisitions this year, made its bid public Friday after Ista rebuffed three approaches, the Ontario, Canada, company said in a statement.
September 7, 2010 |
The combined workforces of Valeant Pharmaceuticals International, based in Aliso Viejo, and Biovail Corp., in Ontario, Canada, will be reduced more than originally announced when Biovail said it was taking over the local firm. According to an e-mail included in a Securities and Exchange Commission filing Tuesday, Valeant Chief Executive J. Michael Pearson said that about 25% of the workforce would be laid off when the transaction was complete. In the June announcement, the companies placed job losses at 20%. As of the end of last year, Valeant had about 3,100 employees, and Biovail, Canada's largest drug company, had about 1,300, according to regulatory filings.
March 5, 2004 |
Valeant Pharmaceuticals International of Costa Mesa said Thursday that its loss narrowed in the fourth quarter despite a 63% plunge in royalty payments on ribavirin, a drug used to treat hepatitis C. The company, formerly called ICN Pharmaceuticals, reported a net loss of $1.8 million, or 2 cents a share, compared with a net loss of $100.7 million, or $1.20, in the year-earlier quarter. Revenue fell 12% to $176.2 million from $199.6 million because of the lower royalty payments.
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.
August 12, 2008 |
Calpine Corp., the U.S. power producer that exited bankruptcy protection in January, reported a profit in the second quarter after a year-earlier loss from reorganization costs. Net income was $197 million, or 41 cents a share, compared with a loss of $500 million, or $1.04, San Jose-based Calpine said Monday. Revenue rose 37% to $2.83 billion. The company also named Jack Fusco chief executive. Calpine said Fusco's appointment was effective Sunday.
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.
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.
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.