Valeant Pharmaceuticals International, Inc. announced on 21st November that it has signed an agreement to acquire iNova, a private pharmaceutical group which sells and distributes a range of prescription and over-the-counter (OTC) products in Australia, New Zealand, Southeast Asia and South Africa from Archer Capital, Ironbridge and other minority management shareholders. iNova owns, develops and markets a diversified portfolio of well established and innovative prescription and OTC pharmaceutical products in the Asia Pacific region and South Africa, including leading therapeutic weight management brands such as Duromine, as well as leading OTC brands in the cold and cough area, such as Difflam and Duro Tuss.

Valeant will pay iNova shareholders $625 million upfront and up to an additional $75 million in potential milestones based on the success of pipeline activities, product registrations and overall revenue. iNova's total 2011 revenues are expected to be approximately $200 million and has an operating margin of approximately 40%. Revenues have grown at a rate of approximately 10% per annum over the last four years. The transaction is subject to certain closing conditions and post-closing adjustments, and is expected to be immediately accretive.