Valeant Pharmaceuticals International Inc. said on Dec. 12 that it received approval from the Federal Trade Commission for its $425 million Dermik buyout and $345 million acquisition of Ortho Dermatologics, clearing the way for it to complete the deals.

As part of the deal, Valeant will be required to divest three prescription drugs.

The FTC unanimously approved the consent orders tied to the transactions. Under the settlements, Valeant will sell the manufacturing and marketing rights to drug products that treat acne and actinic keratosis, to Mylan Inc. Valeant will also sell the marketing rights to a drug that treats fine line wrinkles to privately held Spear Pharmaceuticals Inc.

Valeant anticipates closing on the Ortho transaction on Dec. 12 and the Dermik deal by the end of the year.

The Associated Press