Valeant buys cosmetic surgery devices company for $250 million
Valeant Pharmaceuticals is seeking to strengthen its cosmetics business with an agreement to buy Solta Medical for about US$250 million.
The Montreal, Canada-based pharma - which also has interests in dermatology, eye health, neurology and branded generics - paid cash for the "friendly" acquisition of the California, US-based specialist in devices for cosmetic surgery.
The cash transaction under the definitive agreement represents a 40% premium over Solta's closing share price on December 13th. Valeant describes the acquired business as a global leader in the medical aesthetics market.
"The addition of Solta's industry-leading brands and global sales organization creates a very compelling platform for future growth in the medical aesthetic segment. Our entire team looks forward to executing a smooth transition of our operations into the Valeant organization."
J. Michael Pearson, chairman and chief executive, Valeant.
Related news:
Valeant Pharma strikes US$250-million friendly deal to buy Solta Medical (The Gazette, Montreal).
Reference links:
Valeant Pharmaceuticals agrees to acquire Solta Medical for $2.92 per share in cash (Valeant company press release).
