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Valeant completes acquisition of Precision Dermatology

Valeant Pharmaceuticals announced it has completed the acquisition of Rhode Island-based Precision Dermatology.

Under the agreement between the companies, which was initially announced in February, Valeant acquired Precision Dermatology for $475 million in cash, plus an additional $25 million payable upon achievement of a sales-based milestone.

“Precision’s diversified portfolio of products enjoys high physician loyalty, premium product quality and lifecycle management opportunities that will enhance our future growth strategies,” J. Michael Pearson, chairman and CEO of Valeant Pharmaceuticals, said in a February press release pertaining to the agreement. “We believe this acquisition will strengthen Valeant’s product portfolio and solidify our position as a leader in dermatology.”

Precision estimates it will have approximately $130 million in revenue in 2014, according to the earlier press release.

“We are very excited for the opportunity to be part of the fast-growing Valeant organization. The combined resources of both companies will create a strengthened competitor, poised to contend with the leading companies in the dermatology market,” Bob Moccia, CEO of Precision Dermatology, said in the press release.