Valeant acquires Nicox’s US ophthalmic diagnostics subsidiary

Sophia Antipolis, France-Valeant Pharmaceuticals International has acquired Nicox S.A.’s U.S. diagnostics subsidiary, Nicox, Inc., in a deal worth up to $20 million.

According to the company, Nicox intends to concentrate its commercial and development resources on ophthalmic therapeutics as part of its strategy to build an international ophthalmic company in Europe and in the United States.

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“The decision reflects the significant opportunities available to Nicox in light of the recent acquisition of Aciex and positive phase III results for Vesneo,” the company said in a prepared statement Monday.

Under the terms of the transaction, Valeant has acquired most of the Nicox commercial infrastructure in the United States associated with diagnostics, while Nicox has retained a number of U.S.-based employees focused on therapeutics.

“We are very proud to have created an emerging and innovative ophthalmic diagnostics business in less than two years on the U.S. market, and to have attracted a prestigious company such as Valeant to build on the momentum that has been created,” said Michele Garufi, chief executive officer of Nicox. “The decision to focus on therapeutics is due to several recent and short-to-mid-term opportunities under advanced discussions. This strategic move with our long-standing partner Valeant will enable us to leverage resources for our growing pipeline of advanced drug-candidates.”

Monday’s news of the acquisition may come as a surprise, as Valeant has been in a hostile takeover attempt of Allergan since early summer.

Not so surprising is news that Allergan announced Monday that it has entered into a definitive agreement with Actavis, which will acquire the botox company for a combination of $129.22 in cash and 0.3683 Actavis shares for each share of Allergan common stock.

Based on the closing price of Actavis shares, the transaction is valued at approximately $66 billion.

"'The combination will create one of the top 10 global pharmaceutical companies by sales revenue, with combined annual pro forma revenues of more than $23 billion anticipated in 2015," Allergan said in a prepared statement Monday.

The transaction has been unanimously approved by the board of directors of Actavis and Allergan, and is supported by the management teams of both companies.

The deal will likely put Allergan out of Valeant’s reach, despite the drugmaker’s willingness to raise its cash and stock offer above a current value of about $54 billion.