Valeant Pharma To Acquire Laboratoire Dr. Renaud

ALISO VIEJO, Calif. (AP) -- Valeant Pharmaceuticals International said Monday it will buy skin care products maker Laboratoire Dr. Renaud for 23 million Canadian dollars ($21.8 million).

Valeant said the Quebec, Canada company has $10.4 million in annual sales, and believes the purchase will increase Valeant's profit in 2010. The deal also includes a lease for a 45,000 square foot facility, which includes a manufacturing plant for topical drugs.

Valeant, which sells neurology and skin drugs, reported $220.3 million in revenue in the third quarter. The company sold off its overseas businesses in 2008.

In morning trading, Valeant shares rose 12 cents to $32.23.