Canadian private investment firm Manitex Capital has sold the dermatology portfolio and several specialty product assets of its portfolio company Valeo Pharma Inc to Valeant Pharmaceuticals International Inc. The total consideration for the deal was $25.3 million, of which $18.3 million will be paid at closing and the balance over the next three years. Manitex, which has its headquarters in Kirkland, Québec, specializes in acquiring interests in emerging and established companies. At the time of the sale, it owned 40 percent of the Montréal-based Valeo.
Manitex Capital Inc. announces that Valeo Pharma Inc. sold its dermatology portfolio and several specialty products to Valeant Canada
KIRKLAND, QC, Aug. 25, 2014 /CNW Telbec/ – Manitex Capital Inc. (the “Company”) (TSXV: MNX) today announced that its 40% owned subsidiary, Valeo Pharma Inc., has completed the sale of its dermatology portfolio and several specialty products to Valeant Canada LP for an aggregate consideration of $25.3 million of which $18.3 million will be paid in cash at closing and the balance will be subject to certain post-closing adjustments to take place over a period of three years.
“Valeant is a leader in the field of dermatology and Valeo Pharma’s dermatology products are a strong complement to Valeant’s extensive portfolio,” commented Steve Saviuk, Chairman and CEO of Manitex Capital Inc. “In addition, for a three year period, Valeo Pharma will be actively involved with Valeant in the management and promotion of the three specialty injectable products included in this sale.”
According to Mr. Saviuk, “this transaction will allow Valeo Pharma to focus its product development, acquisition, in-licensing and commercialization efforts on other specialty therapeutic areas and orphan diseases.”
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements regarding the Company’s expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
About Manitex Capital Inc.
Manitex Capital Inc. specializes in the acquisition of equity interests in emerging or established companies and actively participates in increasing shareholder value in these businesses. Manitex currently has 12,361,276 common shares outstanding which are quoted for trading on the TSX Venture Exchange.
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE Manitex Capital Inc.
For further information: Manitex Capital Inc., Steve Saviuk, Chairman and CEO, Tel.: 514-694-0150, firstname.lastname@example.org
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