DPS is a contract research organisation (CRO) that also develops products in house, the most recent of which, the acne drug Acanya (clindamycin/benzoyl peroxide), gained US Food and Drug Administration (FDA) marketing approval in October.
The news follows Valent’s $95m purchase of dermatologics firm Coria Laboratories from DFB Pharmaceuticals in September and its $12.2m buyout of Australia’s DermaTech, which makes over-the-counter and prescription drugs for acne, psoriasis, warts, head lice and nits.
The latest move confirms Valeant’s determination to grab a significant slice of the global dermatology market, which is expected to grow 114 per cent over the next few years and be worth around $3.9bn by 2012, according to a Business Insights report.
Valeant currently sells a range of dermatology products worldwide such as, Oxsoralen-Ultra, Dermatix, Glyquin, Solaquin and Eldoquin and has a dedicated US sales force that markets lead products Kinerase and Efudex/Efudix.
Petaluma-headquartered DPS also has candidate drugs for the treatment of conditions including rosacea, moderate acne, fungal infection and warts. The firm aims to begin Phase III clinical trials of several of these products next year.
According to Valeant chairman J. Michael Pearson "this acquisition grows our scale and capabilities in dermatology thus solidifying Valeant's future as a leading company in the development and commercialization of dermatology medications.
"Gordon Dow, the founder of Dow Pharmaceutical Sciences, and his team are highly regarded with innovative formulation and development expertise, exemplified by having worked on ten dermatology approvals from the [Food and Drug Administration] in the past few years and with projects underway in eight of the top ten dermatology diagnoses,” added Pearson.