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Canada's Valeant acquires American drugmaker Medicis for US$2.6 billion

MONTREAL -- Canadian pharmaceutical company Valeant announced Monday it had paid US$2.6 billion for U.S. drugmaker Medicis, significantly boosting its skin care product offerings.

“The acquisition of Medicis represents a significant next step in our journey to become the leader in dermatology,” Valeant Chief Executive Michael Pearson said in a statement.

The transaction should be concluded by June 2013.

Under the “definitive agreement,” Valeant will pay cash for all of the outstanding common stock of Medicis, traded on the Nasdaq stock exchange, at US$44 per share.

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