Canada-based pharmaceutical firm Valeant has agreed to acquire Afexa Life Sciences for approximately C$76m (US$77.6m)

Afexa’s product portfolio includes COLD-FX, an over-the-counter cold and flu treatment that Valeant has identified as a “solid addition” to the company’s presence in Canada.

The acquisition comes after a hostile offer for Afexa was lodged by the Paladin Labs, another Canadian country, which offered 55¢ per share in comparison to Valeant’s offer of 71¢ per share.

As per the agreement, Afexa has 30 days to find a better bid for the company, although Valeant will retain price-matching rights should a new bid materialise and will also receive a break fee of $3.75m should the company side with a rival proposal.