By  on October 2, 2009

Valeant Pharmaceuticals International has agreed to acquire Private Formula International Holdings Pty Ltd., the Australian-based skin care company that makes the Dr. LeWinn’s brands, a premium skin care line; Hissyfit, an antiaging skin care line, and Revitanail nail strengtheners. Under the terms of the purchase agreement, at closing, Valeant will pay approximately $69 million and will issue 162,500 shares of Valeant common stock. The shares will be placed in escrow for four years and be subject to indemnity claims from Valeant. The transaction, which is subject to customary closing conditions, is projected to close early this month and is expected to be accretive to Valeant in 2010.

The deal gives Valeant, the Aliso Viejo, Calif.-based maker of Kinerase, global rights to Dr. LeWinn, a brand with sales of $27 million that is distributed in more than 2,500 pharmacies and department stores in Australia. The deal comes just as Private Formula’s antiage brand, Hissyfit, embarks on the U.S. market. Hissyfit consists of 64 stockkeeping units that straddles makeup and skin care — and launched last year in Australia. The brand has since built a $1.5 million business.

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