Valeant to buy PreCision Dermatology for $475 mln

Mon Feb 3, 2014 8:21am EST

Feb 3 (Reuters) - Valeant Pharmaceuticals International Inc said it would buy PreCision Dermatology Inc for $475 million in cash to strengthen its skin products business.

The deal is expected to immediately add to cash earnings per share after closing in the first half of 2014, Valeant said on Monday.

PreCision, based in Cumberland, Rhode Island, expects to revenue of about $130 million in 2014, Valeant said.

Under the deal, PreCision is entitled to an additional $25 million if it achieves a sales milestone, Valeant said.

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