MONTREAL, Jan. 25, 2016 /CNW Telbec/ - Quebec-based dermatology company INTEGA Skin Sciences Inc. announced today that it has signed an agreement with Valeant Canada to acquire Valeant Groupe Cosméderme, which includes Laboratoire Dr Renaud, Pro-Derm, and Premiology, three high-end medical skincare brands developed and manufactured in Laval. INTEGA approached Valeant to complete its first acquisition in skin care with the financial backing of healthcare-specialized financial institutions Knight Therapeutics Inc. and Bloom Burton Healthcare Lending Trust. This acquisition provides INTEGA with dermatology research and development capabilities in addition to manufacturing, sales, and marketing expertise.
Scope of the agreement
Under this purchase agreement, INTEGA will acquire all shares of Valeant Groupe Cosméderme comprised of Laboratoire Dr Renaud, Pro-Derm and Premiology given the existing significant commercial synergies between divisions. The purchase comprises all Laboratoire Dr Renaud, Pro-Derm and Premiology products, trademarks and intellectual property, formulations, research and development capabilities, contracts as well as the transfer of the lease of one of Valeant's state of the art production facilities located in Laval, Quebec which was used for Cosméderme's s portfolio and other products. Under the agreement, INTEGA will continue to manufacture select Valeant products for a minimum of three years.
Market entry for INTEGA Skin Sciences inc.
Former pharmaceutical industry senior executive Gregory M.C. Orleski founded INTEGA Skin Sciences Inc. in early 2015, recognizing the importance of skincare as well as a strong appetite in the market for increased research into and development of new specialized skincare treatments in Canada. INTEGA aspires to become the Canadian benchmark in the pharmaceutical industry for the treatment and care of skin diseases.
"We approached Valeant with the objective of bolstering our pipeline and capabilities and investing in three strong Quebec-made, high-quality brands that are trusted by both skincare professionals and consumers across Canada." said Mr. Orleski. "By acquiring solid brands, by bringing Canadians vetted products that have proven themselves on foreign markets, by investing in cutting-edge research and development, and by fostering a culture of entrepreneurship throughout the company, we aim to positively impact the lives of Canadians suffering from skin ailments by promoting healthy skin through clinically proven quality dermatology products."
"We are very pleased by the conclusion of this transaction between INTEGA and Valeant. This strategic agreement is allowing us to strengthen our focus on our dermatological platform for Canadian Dermatologists, including our speciality prescription products, Solta and Obagi. Valeant remains committed to pursuing its research and development of top-of-the-line dermatological products – through its own Research and Development Center of Excellence located in Laval, Quebec. "We are proud to continue contributing to the Quebec economy and to the pharmaceutical industry since jobs and knowledge will be remaining in the province," said Jacques Dessureault, President and General Manager of Valeant Canada. "We are also proud of Valeant's role in the continued growth of Cosméderme which attracted INTEGA's interest. Valeant will continue to work closely with INTEGA to ensure the production of certain of its products."
"Knight is excited to support INTEGA in this promising acquisition of three trusted skincare brands. We look forward to working alongside INTEGA to fulfill unmet market needs that improve the health of Canadians," said Jonathan Ross Goodman, President and CEO of Knight Therapeutics Inc.
Smooth transition and growth strategy
INTEGA is committed to working with both Valeant and employees to ensure a strong continuity for customers, suppliers and employees. The Laboratoire Dr Renaud, Pro-Derm and Premiology brands will continue to operate independently to ensure continuity of supply and services to customers. In the long run, INTEGA will strive to increase the plant's productivity and implement world class practices and standards to ensure the long-term sustainability of the Laboratoire Dr Renaud, Pro-Derm and Premiology brands, as well as invest in maintaining jobs and know-how in Quebec.
About INTEGA Skin Sciences Inc.
Founded in 2015, INTEGA Skin Sciences Inc. is a Montreal-based skincare company which aspires to become a benchmark in the pharmaceutical industry for the treatment and care of skin diseases and their symptoms. INTEGA is focused on positively impacting the lives of Canadians suffering from skin ailments by promoting healthy skin through clinically proven quality dermatology products. INTEGA strongly recognizes the importance of skin care: skin is the largest organ of the human body and its ailments impact both physical and psychological health. INTEGA believes that Canadian healthcare professionals and consumers require continued and additional access to quality and effective, scientifically-proven skincare products, and aims to fill the gaps present in the market.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or www.sedar.com.
This press release may contain forward-looking statements, including, but not limited to, the anticipated growth and business strategy of INTEGA Skin Sciences Inc., as well as the expected timing and consummation of the acquisition. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements. INTEGA Skin Sciences Inc. undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
SOURCE INTEGA Skin Sciences Inc.
For further information: For all questions regarding INTEGA: Justine Gagnepain, Edelman Montreal, 514-315-1980