Valeant Pharmaceuticals International
Encyclopedia
Valeant Pharmaceuticals International, Inc. is a pharmaceutical company with activities spanning the drug discovery pipeline
from target identification through clinical trial
s and commercialization
. The focus of the company is on neurology
, dermatology
and infectious disease
with several drugs in late-stage clinical trials and several currently on the market. In addition, Valeant has a portfolio of more than 500 products from its prior history as a group of speciality chemical and radiochemical research, development and supply companies with a history stretching back to the 1960s. Kinerase(R), used kinetin
as active entity is one of the most famous product of this company.
), ICN Biomedicals, SPI Pharmaceuticals and Viratek into a new global entity, ICN Pharmaceuticals, the immediate forebear of Valeant.
In 2010 Biovail Corporation merged with Valeant Pharmaceuticals International. On May 2011, former Biovall Corporation Chairman and CEO Eugene Melnyk
was banned from senior roles at public companies in Canada, for five years and penalized him to pay $565,000 by the Ontario Securities Commission
. In the same year, before the merge with Valeant, Melnyk had settled with the United States Securities and Exchange Commission
(SEC), agreeing to pay a civil penalty of $150,000 US having previously paid $1 million U.S. to settle other claims with the SEC.
In May 2010, Valeant announced that they are acquiring Aton Pharmaceuticals for about $318 million. On September 28, 2010, Valeant was purchased by Biovail
. The new company retained the Valeant name and kept J. Michael Pearson as CEO, but kept Biovail's headquarters in Canada.
Drug discovery
In the fields of medicine, biotechnology and pharmacology, drug discovery is the process by which drugs are discovered or designed.In the past most drugs have been discovered either by identifying the active ingredient from traditional remedies or by serendipitous discovery...
from target identification through clinical trial
Clinical trial
Clinical trials are a set of procedures in medical research and drug development that are conducted to allow safety and efficacy data to be collected for health interventions...
s and commercialization
Commercialization
Commercialization is the process or cycle of introducing a new product or production method into the market. The actual launch of a new product is the final stage of new product development, and the one where the most money will have to be spent for advertising, sales promotion, and other marketing...
. The focus of the company is on neurology
Neurology
Neurology is a medical specialty dealing with disorders of the nervous system. Specifically, it deals with the diagnosis and treatment of all categories of disease involving the central, peripheral, and autonomic nervous systems, including their coverings, blood vessels, and all effector tissue,...
, dermatology
Dermatology
Dermatology is the branch of medicine dealing with the skin and its diseases, a unique specialty with both medical and surgical aspects. A dermatologist takes care of diseases, in the widest sense, and some cosmetic problems of the skin, scalp, hair, and nails....
and infectious disease
Infectious disease
Infectious diseases, also known as communicable diseases, contagious diseases or transmissible diseases comprise clinically evident illness resulting from the infection, presence and growth of pathogenic biological agents in an individual host organism...
with several drugs in late-stage clinical trials and several currently on the market. In addition, Valeant has a portfolio of more than 500 products from its prior history as a group of speciality chemical and radiochemical research, development and supply companies with a history stretching back to the 1960s. Kinerase(R), used kinetin
Kinetin
Kinetin is a kind of cytokinin, a class of plant hormone that promotes cell division. Kinetin was originally isolated by Miller and Skoog et al. as a compound from autoclaved herring sperm DNA that had cell division-promoting activity. It was given the name kinetin because of its ability to induce...
as active entity is one of the most famous product of this company.
History
The company has undergone major management, operational and strategic restructurings since the 1990s when shareholders of several group units approved the merger of ICN Pharmaceuticals (founded by Milan PanićMilan Panic
Milan Panić or Milan Panic is a Serbian American multimillionaire, a Newport Beach and Pasadena, California-based business tycoon. He served as Prime Minister of the Federal Republic of Yugoslavia from 1992-1993...
), ICN Biomedicals, SPI Pharmaceuticals and Viratek into a new global entity, ICN Pharmaceuticals, the immediate forebear of Valeant.
In 2010 Biovail Corporation merged with Valeant Pharmaceuticals International. On May 2011, former Biovall Corporation Chairman and CEO Eugene Melnyk
Eugene Melnyk
Eugene Melnyk is a Ukrainian Canadian businessman who now resides in Barbados. He is the current owner, governor, and chairman of the Ottawa Senators professional ice hockey club of the National Hockey League . He also owns the Mississauga St. Michael's Majors junior-age ice hockey club...
was banned from senior roles at public companies in Canada, for five years and penalized him to pay $565,000 by the Ontario Securities Commission
Ontario Securities Commission
The Ontario Securities Commission is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario...
. In the same year, before the merge with Valeant, Melnyk had settled with the United States Securities and Exchange Commission
United States Securities and Exchange Commission
The U.S. Securities and Exchange Commission is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States...
(SEC), agreeing to pay a civil penalty of $150,000 US having previously paid $1 million U.S. to settle other claims with the SEC.
In May 2010, Valeant announced that they are acquiring Aton Pharmaceuticals for about $318 million. On September 28, 2010, Valeant was purchased by Biovail
Biovail
Biovail Corporation was a Canadian pharmaceutical company, operating internationally in all aspects of pharmaceutical products. Its major production facility was located in Steinbach, Manitoba...
. The new company retained the Valeant name and kept J. Michael Pearson as CEO, but kept Biovail's headquarters in Canada.