(MENAFN- ProactiveInvestors)
Shares of Laval Quebec based pharmaceutical giant Valeant Pharmaceutical () have reached an all-time high of C$310.94 in Toronto as the company is set to develop as a giant in the contact lens sector after buying US based for US$28 million.
Valeant already gained a major foothold in this industry after acquiring Bausch + Lomb in 2013. Now through Unilens the Canadian group will also control the popular C-Vue brand.
The transaction expected to close by early September 2015 marks a new step in the development of Valeant as a giant in the contact lens sector. The Canadian group is a heavyweight of ophthalmology also present in the drug sector prostheses and surgical materials.
Just last week Valeant signed a licensing deal for EyeGate Pharmaceuticals to advance the development of a corticosteroid treatment for uveitis an inflammatory condition that can lead to lost vision or permanent blindness.
In the first quarter Valeant reported earnings per share of US$2.34 for the fiscal period ending on 2015-03-31 in line with brokerage firms’ consensus. The company is expected to report its second quarter results on July 23 and ten analysts polled by Zacks Research expect the common to post earnings of US$2.46 per share.
Separately Valeant is in final negotiations to acquire Egypt’s Amoun Pharmaceutical for US$700-800 million. Amoun is one of the largest drug makers in Egypt and the developing world specializes in the production distribution and export of pharmaceuticals for humans and animal consumption.
With strong agricultural growth in many African countries thanks to the adoption of mineral fertilizers and other efficiency improving techniques the market for veterinary focused products is set to sharply increase and Amoun would give Valeant a strong base from which to address this demand.
Should the transaction be concluded Valeant will have gained access to the growing animal health sector. Both parties involved in the negotiations have refused to offer any related comments for the time being.
Valeant has earned considerable attention thanks to its made in Laval ‘Jublia’ nail fungus treatment. Valiant also manufactures in behalf of France’s Sanofi but it is gradually replacing these with others inherited through its purchase of US based Salix for which it paid US$15 billion.
Valeant has been headquartered in Laval in 2012 thanks also to financial incentives offered by the government of Quebec government. The offices of its CEO Michael Pearson and those of other senior management members of the company however are located in the suburbs of New York City.
Valeant has 450 employees in Quebec reflecting strong growth given that they more than doubled since 2012 when they numbered 200.
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