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French pharmaceutical giant Sanofi SA (SAN.FR) said Monday it sold Dermik, its dermatology unit, to Canada-based Valeant Pharmaceuticals International Inc. (VRX) for $425 million in cash.
The transaction involves Dermik assets, comprising an aesthetic and therapeutic dermatology business in the U.S. and Canada and an aesthetic dermatology business in other parts of the world, which had sales of $206 million in 2010, Sanofi said.
Dermik has a significant presence in the medical dermatology market in the U.S. and Canada, with a strong field force and well-known brands, which include BenzaClin, Carac and Sculptra.
Sanofi decided to sell Dermik to focus on its "growth platforms" and "innovation."
The French company recently bought U.S. biotech firm Genzyme for $20 billion and a string of smaller firms prior to the Genzyme takeover.
The transaction will still have to be cleared by certain antitrust authorities and meet other customary conditions.
-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740; firstname.lastname@example.org