After Failed Cephalon Bid, Valeant Buys Sanitas For $443M

Law360, New York (May 24, 2011, 1:24 PM EDT) -- Less than a month after getting outbid by Teva Pharmaceutical Industries Ltd. for Cephalon Inc., Valeant Pharmaceuticals International Inc. made good Tuesday on its promise to find other targets, snapping up Lithuanian generics maker AB Sanitas for $443 million in cash.

Even including the Ontario, Canada-based buyer's assumption of more than $70 million in Sanitas' debt, the price tag for the branded generics maker was a drop in the bucket compared with the $5.7 billion Valeant had offered for Cephalon, meaning Valeant could still be an...
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