Valeant Pharmaceuticals has outbid rival Paladin Labs with a white knight offer to acquire Afexa Life Sciences, the maker of the Cold-FX® OTC cold and flu brand, for approximately CDN$76 M (US$78 M), which represents a 29% premium to the cash consideration offered under Paladin’s hostile bid. The Board of Directors of Afexa has approved Valeant’s offer, deeming it to be fair to the shareholders of the company. The acquisition will boost Valeant’s portfolio of OTC products and supports its strategy of making Canada a key growth area.