Although much of Valeant's actions have beenoriented toward building its large dermatology presence, it has also beenworking on growth in the area of ophthalmology. J. Michael Pearson, Valeant's chairmanand CEO, has noted that the eye-care market is a potential $10 billion one, andthat is why it had originally targeted ISTA, as it would have allowed Valeantto expand its annual U.S. sales to more than $200 million from a current levelof less than $50 million—in addition to being a springboard to offeringophthalmology products in Canada, Asia and Australia within a year or so.
"This acquisition of Eyetech will fit nicely withour existing ophthalmology business," Pearson says of the Eyetech deal, "whichincludes a preservative free Timoptic in Ocudose and Lacrisert, productsobtained through our acquisition of Aton in 2010."
"The ophthalmology market has similarcharacteristics to the dermatology space and is a natural extension of ourdevelopment capabilities," he continued. "We will continue to look for futureopportunities to acquire additional products and gain important critical massin this specialty space."
The Eyetech acquisition is expected to close laterthis week.
