Valeant Pharmaceuticals International has hit the acquisition trail again and is buying Australia's iNova.

The latter firm is currently owned by private equity firms Archer Capital and Ironbridge (and other minority management shareholders) and Valeant is paying A$625 million, about $616.4 million) upfront. It may also pay out a further A$75 million "based on the success of pipeline activities, product registrations and overall revenue".

It is estimated that iNova's evenues this year are expected to top A$200 million and they have been growing at a rate of approximately 10% per annum over the last four years. The transaction is expected to be immediately accretive.

Valeant chief executive Michael Pearson said the deal "not only transforms our operations in the Australian market, but provides us with a beachhead in both Southeast Asia and South Africa". iNova's best-known product is the weight loss drug Duromine (phentermine) and it also sells over-the-counter cold and cough treatments.

Valeant has been highly acquisitive of late, having just taken control of fellow Canadian firm Afexa Life Sciences. In July, it paid $345 million for Johnson & Johnson's Ortho Dermatologics and bought Sanofi's Dermik skincare business for $425 million.