LAVAL, Quebec — Valeant Pharmaceuticals International will acquire Solta Medical for about $250 million, Valeant said Monday.
The Canadian drug maker said the $2.92-per-share acquisition represented a 40% premium over Solta's closing share price on Friday. Solta develops, manufactures and markets energy-based medical device systems for such cosmetic medical procedures as skin tightening, improving skin texture and others.
"The acquisition of Solta will bring tremendous value to Valeant's current aesthetic and, together with our previous acquisitions, will create the broadest aesthetic portfolio in the industry," Valeant chairman and CEO J. Michael Pearson said. "Solta's leading aesthetic devices are a natural fit with Valeant's facial injectables, professional skin care products and physician-dispensed products, and will establish Valeant in a strong leadership position as we continue to build our presence in the aesthetic market."