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B&L parent acquires PreCision Dermatology

Rochester Business Journal
July 8, 2014

Valeant Pharmaceuticals International Inc. has completed an acquisition of PreCision Dermatology Inc., officials said Tuesday.

Valeant, the Quebec-based parent of Bausch & Lomb Inc., announced in February an agreement to acquire PreCision, based in Cumberland, R.I., in a $475 million cash deal, Terms included an agreement for Valeant to pay an additional $25 million if PreCision met certain sales goals.

PreCision Dermatology products include the skin-care drugs Locoid, Hylatopic and Clindagel.

Valeant acquired Bausch & Lomb last year, moving the eye-care company’s headquarters from Rochester to Valeant’s U.S. base in New Jersey.

Valeant last month launched a hostile bid to take over of the Botox maker Allergan Inc.

Allergan has yet to comment on Valeant’s June tender offer of $72 cash plus .83 Valeant shares for each Allergan share. The offer expires Aug. 15 but could be extended, Valeant officials said last month.

In a May 27 investor conference, Allergan executives scoffed at a Valeant proposal to offer $48 share plus .83 Valeant shares as woefully undervaluing the Botox maker.

Calling Valeant a serial acquirer interested mainly in short-term gains, the Allergan officials in May accused the Quebec company of painting an overly rosy picture of Bausch & Lomb’s first-quarter market gains and overstating its tax advantages.

Valeant shares (NYSE: VRX) on Tuesday were trading at $121.13, down $2.16 or 1.75 percent from Monday’s close.   
    
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 



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