Tuesday, September 30th6.3°C
22738

Valeant Pharmaceuticals to buy PreCision Dermatology for up to $500 million

LAVAL, Que. - Valeant Pharmaceuticals International, Inc. (TSX:VRX) has agreed to pay up to $500 million for a U.S. company that makes prescription and doctor-dispensed treatments for acne and other skin conditions.

The company says it will pay $475 million in cash for PreCision Dermatology of Cumberland, Rhode Island, plus an additional $25 million when a sales-based milestone is passed.

PreCision has about 175 employees and expects to have about $130 million in revenue this year.

Valeant says the deal is expected to close by the end of June and will immediately bolster its profits.

It's the latest acquisition for Valeant.

The company's chief executive has said he wants the company to become one of the top five drug companies in the world by the end of 2016.

"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," Valeant chairman and chief executive Michael Pearson said in a statement Monday.

PreCision Dermatology chief executive Bob Moccia said "the combined resources of both companies will create a strengthened competitor, poised to contend with the leading companies in the dermatology market."

The Canadian Press


Read more Business News

23489


Recent Trending




Today's Market
S&P TSX14960.51-16.41
S&P CDNX909.29-3.47
DJIA17042.90-28.32
Nasdaq4493.39-12.462
S&P 5001972.29-5.51
CDN Dollar0.8924-0.0006
Gold1206.70-4.90
Oil90.16+0.40
Lumber333.20+0.30
Natural Gas4.126+0.005

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.26+0.03
Cantex0.065-0.025
Anavex Life Sciences0.184-0.001
Metalex Ventures0.0550.00
Russel Metals34.57+0.08
Copper Mountain Mining2.42-0.10
Colorado Resources0.165+0.015
ReliaBrand Inc0.019-0.001
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.32-0.02

 



23359

FEATURED Property
1876300734 Kuipers Crescent, Kelowna, BC
5 bedrooms 6 baths
$1,650,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_



23499




Member of BC Press Council


22632