"PreCision Dermatology has a wide range of medical dermatology products, treating a number of topical disease states such as acne and atopic dermatitis, and should bring tremendous value to Valeant's medical dermatology portfolio," said J. Michael Pearson, chairman and chief executive officer of Valeant. "Furthermore, PreCision's diversified portfolio of products enjoys high physician loyalty, premium product quality and lifecycle management opportunities that will enhance our future growth strategies. We believe this acquisition will strengthen Valeant's product portfolio and solidify our position as a leader in dermatology."
PreCision operates in two key segments: Onset Dermatologics, which focuses on prescription therapies, and PrecisionMD®, which focuses on physician dispensed products. The Company is based in Cumberland, Rhode Island and has approximately 175 employees.
"We are very excited for the opportunity to be part of the fast growing Valeant organization. The combined resources of both companies will create a strengthened competitor, poised to contend with the leading companies in the dermatology market," said Bob Moccia, chief executive officer of PreCision Dermatology.
Valeant is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, eye health, neurology and branded generics. During the past year, the company has made a variety of acquisitions in the dermatological, as well as cosmeceutical field. For example, it acquired Obagi last year as well as Bausch & Lomb.