(Reuters) - Valeant Pharmaceuticals International (VRX.TO) said on Monday it would acquire Solta Medical Inc SLTM.O for about $236 million in cash, giving it access to products used in procedures such as skin rejuvenation, skin tightening and body contouring.
Last month, Solta said it had retained Piper Jaffray as its adviser to explore a possible sale, in light of falling profits from its medical equipment business and pressure from activist investor Voce Capital Management LLC.
Valeant would acquire all of the outstanding common stock of Solta for $2.92 per share in cash, which represents a 40 percent premium to Solta’s closing share price on December 13. The deal is expected to close in the first quarter of 2014.
“The acquisition of Solta will bring tremendous value to Valeant’s current aesthetic portfolio and together with our previous acquisitions, will create the broadest aesthetic portfolio in the industry,” said Valeant Chief Executive Michael Pearson, in a statement.
Reporting by Euan Rocha; Editing by Gerald E. McCormick