Valeant Pharmaceuticals International Inc is now on a spending spree, actively pursuing both merger and acquisition possibilities  according to its CEO Michael Pearson. The drug firm also forecasts higher shareholder valuations based on its acquisition of Medicis, an American rival company.

This despite reported fourth quarter and full year net losses attributable to increased operating expenses and booking larger expenses for restructuring costs and acquisition activities.

Valeant is Canada's largest drug maker publicly traded, totaled its net loss at US$89.1 million. For the full year, the loss was calculated at US$116 million. It also said that the acquisition of Medicis did not have an impact on its fourth quarter results.

In 2011, net earnings was at US$44.8 million and a full year net profit of US$159.6 million. In the same period, revenues increased by 43% totaling US$986.3 million in 2012 fourth quarter and 2012 revenue was pegged at US$3.55 billion.