Canada's Biovail to buy Valeant

Mississauga, Ontario - Biovail, Canada’s largest pharmaceutical firm, plans to purchase Valeant Pharmaceuticals, based in Aliso Viejo, Calif., for about $3.3 billion, according to in-Pharmatechnologist.com.

The transaction, which awaits shareholder approval, will result in a new combined entity, Valeant Pharmaceuticals International, to be based in Mississauga.

Market analysts say the merger would create a company with estimated revenues of $900 million a year.