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Valeant Pharmaceuticals to purchase PreCision Dermatology
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Valeant Pharmaceuticals International announced it has agreed to acquire PreCision Dermatology for $475 million in cash and $25 million upon achievement of a sales-based milestone.
Locoid, Hylatopic, Clindagel and BenzEFoam are developed and marketed by PreCision, which expects approximately $130 million in revenue in 2014, according to a press release. Valeant expects the transaction to close in the first half of the year.
Cumberland, R.I.-based PreCision’s key operating segments are Onset Dermatologics, which focuses on prescription therapies, and PrecisionMD, with a focus 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 … portfolio,” J. Michael Pearson, chairman and chief executive officer of Valeant, said in the press release. “We believe this acquisition … will solidify our position as a leader in dermatology.”
“The combined resources of both companies will create a strengthened competitor, poised to contend with the leading companies in the dermatology market,” Bob Moccia, chief executive officer of PreCision Dermatology, said in the release.