Valeant to buy PE-backed PreCision Dermatology for $475 mln - Reuters
Valeant Pharmaceuticals International Inc said on Monday it has agreed to acquire privately held PreCision Dermatology Inc for $475 million in cash to strengthen its skin products business, reports Reuters. The deal, which is set to close in the first half of 2014, is expected to immediately add to Valeant's cash earnings per share after closing. PreCision, which makes a range of medical products treating a number of topical diseases such as acne and atopic dermatitis, is entitled to an additional $25 million if it achieves a sales milestone, Valeant said. PreCision - formed in 2010 as the result of the spin-out of Onset Therapeutics, a subsidiary of Collegium Pharmaceutical - was initially financed by private equity firms Essex Woodlands, Boston Millennia Partners, Frazier Healthcare and Westfield Capital Management.
