Friday, October 31st7.9°C
23888
22501

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




Recent Trending




Today's Market
S&P TSX14458.69-68.88
S&P CDNX771.65-9.42
DJIA17195.42221.11
Nasdaq4566.138+16.912
S&P 5001994.65+12.35
CDN Dollar0.8920-0.0014
Gold1174.70-23.90
Oil80.30-0.60
Lumber322.40-1.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.11+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.0350.00
Russel Metals32.22-0.35
Copper Mountain Mining1.97-0.05
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 



22970

FEATURED Property
1984057253-2001 Highway 97 S
3 bedrooms 2 baths
$87,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23091