Each year is marked by a few major events and the people associated. The close of a calendar year allows us at Business Review Canada to highlight the stories that had the biggest impacts. Starting today, we will count down the top 7 stories that shaped business in 2010.
No. 7: Canada’s Largest Pharma Biovail Merges with Valeant
In June, Biovail, Canada's largest publicly traded pharmaceutical company, and California-based Valeant announced that both companies' Boards of Directors unanimously approved a merger. The deal was one of several massive acquisitions in 2010.
The new Valeant is headquartered in Mississauga, Ontario and remains a Canadian domiciled corporation. The combined company has a significantly expanded presence in North America and operations in eight other countries, working across four growth platforms. In total, the new Valeant is a mega-company in the highly competitive pharmaceutical industry.
Said Dr. Douglas J.P. Squires, chairman of the Biovail Board of Directors, at the time, "the combination of Biovail and Valeant creates a new leader in specialty pharmaceuticals by combining two highly successful management teams in our industry. Our Board is enthusiastic about the opportunities the combination will bring for shareholders and employees of both companies."
Publicly, the merger was touted as an operationally strategic move, but industry insiders noted the timing and debt involved.
The new company has loans in excess of $2 billion, which many believe will eventually sink the new conglomerate. Former BioVail CEO and founder Eugene Melnyk criticized the move, commenting that the deal is strictly to mask the company’s recent poor performance. And California lawmakers are attempting to torpedo the deal, citing the expected job losses.
The deal continues to make headlines six months later.
No. 7: Canada’s Largest Pharma Biovail Merges with Valeant
In June, Biovail, Canada's largest publicly traded pharmaceutical company, and California-based Valeant announced that both companies' Boards of Directors unanimously approved a merger. The deal was one of several massive acquisitions in 2010.
The new Valeant is headquartered in Mississauga, Ontario and remains a Canadian domiciled corporation. The combined company has a significantly expanded presence in North America and operations in eight other countries, working across four growth platforms. In total, the new Valeant is a mega-company in the highly competitive pharmaceutical industry.
Said Dr. Douglas J.P. Squires, chairman of the Biovail Board of Directors, at the time, "the combination of Biovail and Valeant creates a new leader in specialty pharmaceuticals by combining two highly successful management teams in our industry. Our Board is enthusiastic about the opportunities the combination will bring for shareholders and employees of both companies."
Publicly, the merger was touted as an operationally strategic move, but industry insiders noted the timing and debt involved.
The new company has loans in excess of $2 billion, which many believe will eventually sink the new conglomerate. Former BioVail CEO and founder Eugene Melnyk criticized the move, commenting that the deal is strictly to mask the company’s recent poor performance. And California lawmakers are attempting to torpedo the deal, citing the expected job losses.
The deal continues to make headlines six months later.
