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.
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