Valeant Pharmaceuticals to Acquire PreCision Dermatology

Valeant Pharmaceuticals International has entered into a definitive agreement under which Valeant will acquire PreCision Dermatology, Inc. for $475 million in cash, plus an additional $25 million payable upon the achievement of a sales-based milestone. PreCision develops and markets dermatology products, including Locoid, Hylatopic, Clindagel, and BenzEFoam. The transaction is expected to close in the first half of 2014.

"PreCision Dermatology has a wide range of medical dermatology products, treating a number of topical disease states such as acne and atopic dermatitis, and should bring tremendous value to Valeant's medical dermatology portfolio," stated J. Michael Pearson, chairman and CEO of Valeant. "Furthermore, PreCision's diversified portfolio of products enjoys high physician loyalty, premium product quality and lifecycle management opportunities that will enhance our future growth strategies. We believe this acquisition will strengthen Valeant's product portfolio and solidify our position as a leader in dermatology."

"We are very excited for the opportunity to be part of the fast growing Valeant organization. The combined resources of both companies will create a strengthened competitor, poised to contend with the leading companies in the dermatology market," said Bob Moccia, chief executive officer of PreCision Dermatology.