After losing out to Teva Pharmaceutical Industries in its bid to buy the US speciality pharma Cephalon earlier in May 2011, Valeant Pharmaceuticals has agreed to purchase an 87.2% stake in Sanitas, Lithuania’s largest pharmaceutical company, for approximately €314 M (US$441 M) plus the assumption of approximately €50 M (US$70 M) of the company’s debt. The acquisition, which will be immediately accretive to Valeant, will expand the company’s European branded generics product portfolio with the addition of Sanitas’ profitable dermatology and hospital injectable medicines.