Canada : PRECISION Dermatology to be acquired by Valeant Pharmaceuticals
Valeant Pharmaceuticals International declared that it has decided to purchase PreCision Dermatology for $475 million in cash and $25 million upon achievement of a sales-based milestone.
Locoid, Hylatopic, Clindagel and BenzEFoam are developed and marketed by PreCision, which anticipates about $130 million in revenue in 2014. Valeant expects the transaction to close in the first half of the year.
Cumberland, R.I.-based PreCision s key operating segments are Onset Dermatologics, which aims on prescription therapies, and PrecisionMD, with a focus on physician-dispensed products.
J. Michael Pearson, chairman and chief executive officer of Valeant, said, 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 portfolio . We believe this acquisition will solidify our position as a leader in dermatology.
Bob Moccia, chief executive officer of PreCision Dermatology said, The combined resources of both companies will create a strengthened competitor, poised to contend with the leading companies in the dermatology market .