November 3, 2011 / 12:43 PM / in 6 years

UPDATE 1-Paladin Labs Q3 profit rises on acquisition

Nov 3 (Reuters) - Canadian specialty pharmaceutical company Paladin Labs Inc’s third-quarter profit rose 19 percent, driven by its acquisition of Tempra.

The net income was C$9.5 million ($9.4 million), or 46 Canadian cents a share, compared with C$8 million, or 41 Canadian cents a share, last year.

Revenue rose 15 percent to C$36.7 million.

The company had acquired Tempra from Bristol Myers Squibb in February without disclosing financial details.

Paladin Labs, which bowed out of bidding for Afexa -- maker of Canada’s No. 1 selling cold and flu medicine Cold-FX -- said it recorded a gain of over C$5 million by tendering Afexa shares that it had already bought to Valeant Pharmaceuticals . ($1 = 1.013 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel)

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