Valeant Pharmaceuticals International has entered into a definitive agreement to acquire PreCision Dermatology for $475 million in cash plus $25 million payable upon achievement of a sales milestone.
PreCision Dermatology markets products such as Hylatopic, Clindagel and BenzEFoam. The company projects to earn $130 million in revenue this year, according to a news release.
PreCision markets products in two segments: Onset Dermatologics, which offers prescription dermatology medications, and PrecisionMD, which delivers therapies that are dispensed from physicians’ offices.
Valeant stated it expects the acquisition to be completed in the first half of this year.
“We believe this acquisition will strengthen Valeant’s portfolio and solidify our position as a leader in dermatology,” Valeant chairman and CEO J. Michael Pearson said in the statement.