FTC Approves Final Orders Settling Charges that Valeant Pharmaceuticals International Inc.'s Proposed Acquisitions of Dermatology Businesses from Sanofi and Johnson & Johnson were Anticompetitive

Following public comment periods for both transactions, the Federal Trade Commission has approved final orders settling charges that Valeant Pharmaceuticals International, Inc.'s (Valeant) two proposed acquisitions of dermatology businesses – one from Sanofi and one from Johnson & Johnson – would have been anticompetitive and in violation of Section 7 of the Clayton Act and Section 5 of the FTC Act. The consent orders, each requiring Valeant to sell certain assets to maintain competition, were approved to address the anticompetitive concerns arising from the two transactions.

Under the order remedying the anticompetitive effects of Valeant's proposed acquisition of assets from Sanofi, Valeant has sold the manufacturing and marketing rights to pharmaceutical products that treat acne and actinic keratosis to Mylan Pharmaceuticals Inc. This order has been modified to reflect amended, non-public terms. Under the order remedying the anticompetitive effects of Valeant's proposed acquisition of assets from Johnson & Johnson, Valeant has sold the rights to a pharmaceutical product that treats fine line wrinkles to Spear Pharmaceuticals, Inc.

The Commission voted 4-0 to approve each order. (FTC File Nos. 111-0216 and 111-0215; the staff contact is Jacqueline Mendel, Bureau of Competition, 202-326-2603).