May 3, 2012 / 12:22 PM / in 5 years

Valeant posts quarterly loss on higher costs

May 3 (Reuters) - Canada's Valeant Pharmaceuticals International Inc reported a quarterly loss hurt in part by higher costs.

The company also said it would buy a few assets of University Medical Pharmaceuticals Corp, which is focused on skincare products, for about $64 million plus potential milestones.

The transaction is expected to close by the middle of the year.

First-quarter net loss was $12.9 million, or 4 cents per share, compared with a net income of $6.5 million, or 2 cents per share, a year earlier.

Revenue rose 52 percent to $856 million.

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