History
The company has undergone major management, operational and strategic restructurings since the 1990s when shareholders of several group units approved the merger of ICN Pharmaceuticals (founded by Milan Panić), ICN Biomedicals, SPI Pharmaceuticals and Viratek into a new global entity, ICN Pharmaceuticals, the immediate forebear of Valeant.
In 2008 the Swedish pharmaceutical company Meda AB bought branches in Western and Eastern Europe from Valeant Pharmaceuticals for $392 Million.
In 2010 Biovail Corporation merged with Valeant Pharmaceuticals International. On May 2011, former Biovall Corporation Chairman and CEO Eugene Melnyk was banned from senior roles at public companies in Canada for five years and penalized to pay $565,000 by the Ontario Securities Commission. In the same year, before the merger with Valeant, Melnyk had settled with the United States Securities and Exchange Commission (SEC), agreeing to pay a civil penalty of $150,000 US having previously paid $1 million U.S. to settle other claims with the SEC.
In May 2010, Valeant announced that it was acquiring Aton Pharmaceuticals for about $318 million. On September 28, 2010, Valeant was purchased by Biovail. The new company retained the Valeant name and kept J. Michael Pearson as CEO, but kept Biovail's headquarters in Canada.
In September of 2012, Valeant announced its new acquisition of Medicis Pharmaceutical for $2.6 Billion or $44.00/share based in Scottsdale, Arizona. Medicis is a pharmaceutical company specializing in dermatological products and would stand to raise the company's profits from 3.5 billion/year to just over 4.5 billion/year.
Read more about this topic: Valeant Pharmaceuticals
Famous quotes containing the word history:
“The second day of July 1776, will be the most memorable epoch in the history of America. I am apt to believe that it will be celebrated by succeeding generations as the great anniversary festival. It ought to be commemorated, as the day of deliverance, by solemn acts of devotion to God Almighty. It ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires and illuminations, from one end of this continent to the other, from this time forward forever more”
—John Adams (1735–1826)
“Books of natural history aim commonly to be hasty schedules, or inventories of God’s property, by some clerk. They do not in the least teach the divine view of nature, but the popular view, or rather the popular method of studying nature, and make haste to conduct the persevering pupil only into that dilemma where the professors always dwell.”
—Henry David Thoreau (1817–1862)
“I believe that in the history of art and of thought there has always been at every living moment of culture a “will to renewal.” This is not the prerogative of the last decade only. All history is nothing but a succession of “crises”Mof rupture, repudiation and resistance.... When there is no “crisis,” there is stagnation, petrification and death. All thought, all art is aggressive.”
—Eugène Ionesco (b. 1912)