Valeant Pharmaceuticals has signed an agreement to obtain certain assets from Atlantis Pharma, including products in the gastro, analgesics and anti-inflammatory therapeutic categories, for approximately $71m.

The transaction is expected to close in the second quarter, subject to certain closing conditions including regulatory approvals, and is expected to be immediately accretive.

The acquired assets' total revenue in 2011 was approximately $26m and is expected to deliver double digit growth in 2012.

Valeant chairman and chief executive officer Michael Pearson said that Atlantis' brands in Mexico, and the potential to expand Valeant's export business to Central America and the Andean region, make this a strong addition to current operations in Mexico.

"The ability to combine these assets with our existing operations in Mexico should provide distinct commercial synergies for our overall business," Pearson added.