Supplier News Breaks Archives
Valeant to acquire PreCision Dermatology
February 4th, 2014
LAVAL, Quebec – Valeant Pharmaceuticals International Inc. has entered an agreement to buy PreCision Dermatology Inc. for $475 million in cash
Valeant said Monday that the acquisition deal also includes 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 Cumberland, R.I.-based company operates in two key segments: Onset Dermatologics, which focuses on prescription therapies, and PrecisionMD, which focuses on physician-dispensed products.
"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 chief executive officer 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."
The transaction is expected to close in the first half of 2014. PreCision's 2014 revenue is projected at $130 million.
"We are very excited for the opportunity to be part of the fast-growing Valeant organization," commented Bob Moccia, CEO of PreCision. "The combined resources of both companies will create a strengthened competitor, poised to contend with the leading companies in the dermatology market."