Tuesday, April 21st3.7°C
25850
24949

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

25925


Recent Trending




Today's Market
S&P TSX15358.35-54.25
S&P CDNX705.08+1.43
DJIA17999.73-35.20
Nasdaq5017.78+23.18
S&P 5002101.62+1.22
CDN Dollar0.8159-0.0018
Gold1194.50+1.00
Oil56.35-0.03
Lumber242.90-5.50
Natural Gas2.596+0.060

 
Okanagan Companies
Pacific Safety0.115-0.005
Knighthawk0.010.00
QHR Technologies Inc1.43+0.01
Cantex0.035+0.005
Anavex Life Sciences0.43+0.05
Metalex Ventures0.09+0.01
Russel Metals27.11-0.31
Copper Mountain Mining1.08-0.02
Colorado Resources0.11+0.01
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04+0.00
Mission Ready Services0.185+0.010
Decisive Dividend Corporation1.80+0.15

 



25866

FEATURED Property
21933942370 Tallus Ridge Drive
10093033 bedrooms
$819,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25922

25922


Member of BC Press Council


25541