Valeant receives second FTC request on skincare buys - Smart Business Network

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WASHINGTON ― Valeant Pharmaceuticals International Inc said the Federal Trade Commission has sought for more information about its two pending acquisitions of Johnson & Johnson and Sanofi skincare units.

In July, Valeant snapped up the skin-care units of both Johnson & Johnson-owned Janssen Pharmaceuticals and Sanofi in a week's time.

The information requests were issued under notification requirements of the U.S. antitrust act, known as HSR Act, the specialty drugmaker said.

Each second request extends the waiting period imposed by the HSR Act by 30 days as the FTC reviews whether the proposed transaction violates antitrust laws.

Valeant continues to expect that both the deals will close by year-end.

Separately, Valeant said it was also refinancing the existing credit facilities of its wholly owned unit, which is expected to consist of $200 million revolving facility and a $1.5 billion term loan A facility — which includes a $500 million delayed draw term loan.

20 Sep, 2011

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