Valeant Pharmaceuticals International Inc. will acquire all of the outstanding common stock of Solta Medical Inc., in a transaction value of approximately $250 million. The transaction is expected to close in the first quarter of 2014.
Solta designs, develops, manufactures, and markets energy-based medical device systems for aesthetic applications. Its product offerings include skin care and liposuction systems.
“The acquisition of Solta will bring tremendous value to Valeant’s current aesthetic portfolio and together with our previous acquisitions, will create the broadest aesthetic portfolio in the industry,” says J. Michael Pearson, Chairman and Chief Executive Officer of Valeant. “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. Moreover, this transaction will further enhance our ability to offer dermatologists and plastic surgeons the most comprehensive aesthetic product offering.”
“Our Board of Directors has determined that this all cash offer is in the best interest of our stockholders. We further believe the acquisition by Valeant provides the best opportunity for Solta Medical brands and our employees to achieve their full potential while generating a significant, near term return for our stockholders,” says Mark Sieczkarek, Chairman of the Board and Interim CEO of Solta Medical. “Valeant has a proven track record of successfully integrating a number of major acquisitions into their portfolio and has established a significant presence in the aesthetics market. The addition of Solta’s industry leading brands and global sales organization creates a very compelling platform for future growth in the medical aesthetic segment. Our entire team looks forward to executing a smooth transition of our operations into the Valeant organization.”
Valeant Pharmaceuticals International Inc. 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.
Release Date: December 16, 2013
Source: Valeant Pharmaceuticals
