VALEANT Pharmaceuticals is reportedly "weighing its options" for iNova, its Australian subsidiary, after final bids in a sale process for the business (PD 23 Sep 2016) have come in much lower than the $1 billion expected.
The Australian is reporting the offers came in around $900 million, with bidders including private equity firms as well as trade buyers including Mundipharma and Stada.
Valeant is currently in the process of trying to divest itself of more than US$8 billion in assets.
iNova markets a range of OTC and prescription medicines in Australia and New Zealand, with brands including Difflam and Nyal as well as Bausch & Lomb and Duromine.
The company also acts as the sales, marketing and distribution agent of the Pharmacy Guild of Australia's Gold Cross brand.
Valeant paid about $700 million when it acquired the business (PD 22 Nov 2011) from private equity firms Archer Capital and Ironbridge.
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