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ARTICLE | Company News

PreCision Dermatology, Valeant Pharmaceuticals deal

February 10, 2014 8:00 AM UTC

Valeant will acquire dermatology company PreCision for $475 million in cash, plus up to an additional $25 million in sales-based milestones. PreCision markets dermatology products, including mid-potency topical steroid Locoid, BenzEFoam Emollient Foam for acne and Hylatopic Emollient Foam for various dermatoses. PreCision expects to have $130 million in revenue this year, and Valeant said it expects to complete the acquisition this half. JPMorgan Securities is financial advisor to PreCision, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian is the company's legal advisor. Sullivan & Cromwell is legal advisor to Valeant. Valeant reported $3.7 billion in revenues for the nine months ended Sept. 30, 2013. ...