Valeant To Buy Xcel Pharmaceuticals For $280M

Publicly traded drug maker Valeant Pharmaceuticals International has agreed to
acquire Xcel Pharmaceuticals for $280 million, in an effort to expand its
neurology business in North America. Xcel, a pharmaceutical firm focusing on
neurology drugs, in April 2004 withdrew its pending initial public offering to
sell up to $75 million in common stock, citing market conditions. The company
had previously raised about $98.5 million in three rounds since its inception in
2001.