ZURICH (Reuters) - Nestle SA said on Wednesday it was boosting its emerging skincare business by buying the rights to several dermatology products from Canada's Valeant Pharmaceuticals International Inc for $1.4 billion in cash.
The Swiss food giant took a deeper dive into healthcare in February by taking over the Galderma dermatology joint venture it had with L'Oreal
Under the agreement with Valeant, NESTLE (NESN.CH)is acquiring rights to commercialize in the United States and Canada Restylane, Perlane and Emervel, products used for corrective facial cosmetic treatments, and Dysport, a cosmetic dermatology treatment. It will also get rights to Sculptra, a dermal filler for cosmetic and medical use.
Galderma already commercializes the products included in the deal outside the United States and Canada.
?With this deal we have acquired key strategic assets to extend Nestle?s activities in the field of specialized, medical skin treatments, providing consumers with life-enhancing scientific products,? the Swiss group's Chairman Peter Brabeck-Letmathe said.
?This move will reinforce Galderma?s leading position in the industry when it becomes Nestle Skin Health by allowing it to complete its geographic footprint for its strong portfolio of brands and leading medical solutions globally.?
(Reporting by Alice Baghdjian and Ben Hirschler; Editing by Matt Driskill and Mark Potter)
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