By Samuel Howard

Law360, New York (November 21, 2011, 1:22 PM ET) -- Canadian drugmaker Valeant Pharmaceuticals Inc. is enhancing its global presence with the AU$700 million (US$688 million) acquisition of Australia’s iNova Pharmaceuticals Pty Ltd. from private equity investors, Valeant announced Sunday.

Valeant will pay Archer Capital, Ironbridge Capital and other minority management shareholders AU$625 million upfront and fork over a further AU$75 million if iNova’s pipeline projects prove successful, according to the statement.

“This transaction not only transforms our operations in the Australian market, but provides us with a beachhead in both Southeast Asia and South Africa,”...