December 11, 2008
Valeant Pharmaceuticals has announced a definitive agreement to acquire Dow Pharmaceutical Sciences, a privately held dermatology company, for $285 million. Dow Pharmaceutical Sciences' current annualized revenues are approximately $45 million, of which roughly $20 million represents royalty payments from licensed products.
Wyeth will cut 276 workers in Puerto Rico as a result of decreasing demand for locally manufactured products. The layoffs will be completed by February 2009, with 2,700 workers remaining across three plants in the US Caribbean territory, the AP reported.