May 27, 2013 |
Valeant Pharmaceuticals International Inc., Canada's largest publicly traded drug maker, is continuing an acquisition spree with an agreement to buy eye-care giant Bausch & Lomb Holdings Inc. for $4.5 billion. The Montreal company, which announced the deal Monday, said it also would pay $4.2 billion in debt owed by privately held Bausch & Lomb, a major manufacturer of contact lenses. Calling Bausch & Lomb a “world-renowned brand,” Valeant's chairman and chief executive, J. Michael Pearson, said the deal would “transform Valeant into a global leader in eye health.” GALLERY: Biggest Southern California companies Valeant said it expects to squeeze out $800 million in annual cost savings by the end 2014 after merging Bausch & Lomb, which is based in Rochester, N.Y., with Valeant's much smaller eye-care operations.
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.
September 12, 2006 |
Valeant Pharmaceuticals International disclosed Monday that federal regulators had launched an inquiry into stock trades that were made this spring when the Costa Mesa company released results of a drug trial. In a statement, Valeant said the Securities and Exchange Commission had also asked for information about Valeant's efforts to recover controversial bonuses paid to company founder and former Chief Executive Milan Panic.
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.
April 15, 2004 |
Valeant Pharmaceuticals International, which changed its name from ICN Pharmaceuticals Inc. last year, must halt sales of a skin-care product that a jury found infringed a rival's patents, a judge ruled. U.S. District Judge Joseph J. Farnan Jr. in Wilmington, Del., concluded that Valeant should be permanently barred from selling its Glyquin line of skin lotions designed to bleach out age spots. In November, jurors concluded that Valeant intentionally infringed TriStrata Technology Inc.'
August 4, 2006 |
Milan Panic, the controversial executive who became a symbol of corporate excess, agreed to pay $20 million to Costa Mesa-based Valeant Pharmaceuticals International to settle charges that he received unwarranted bonuses four years ago as the company's chairman. The payment settles all outstanding disputes between Panic and the company he founded, formerly known as ICN Pharmaceuticals Inc., Valeant said Thursday.
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.