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By PBN Staff
By PBN Staff
CUMBERLAND – PreCision Dermatology has been acquired by Quebec-based Valeant Pharmaceuticals International Inc. for $475 million, the companies announced Monday.
The acquisition deal also includes an additional $25 million payable upon PreCision’s achievement of an undisclosed sales-based milestone. PreCision – which comprises Onset Dermatologics, which focuses on prescription therapies, and PrecisionMD, which focuses on physician-dispensed products – expects 2013 revenue of approximately $130 million.
“We are very excited for the opportunity to be part of the fast-growing Valeant organization,” said 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.”
The transaction is expected to close in the first half of 2014. A Valeant spokesperson was not immediately available to comment on whether PreCision would relocate out of its Cumberland headquarters, or whether any changes in staffing or leadership are expected following the acquisition.
PreCision currently employs about 175 people in Cumberland and markets dermatological products including Locoid, Hylatopic, Clindagel and BenzEFoam.
“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,” said J. Michael Pearson, chairman and CEO 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.”