In order to strengthen its operations in Central and Eastern Europe, Valeant Pharmaceuticals has agreed to acquire PharmaSwiss, a developer of branded generics and OTC products, for €350 M (US$478 M). Valeant will also pay up to €30 M (US$41 M) to some PharmaSwiss shareholders if certain product milestones are achieved. The deal is expected to close in the first or second quarter of 2011.