NEW YORK (AP) - Valeant Pharmaceuticals International Inc. has agreed to buy dermatology products maker Medicis Pharmaceutical Corp. for about $2.6 billion in cash in a deal to strengthen its position in skin treatments and care.
Montreal-based Valeant said Monday that it has agreed to pay $44 per share for Medicis, a 39 percent premium over Friday's closing price for the Arizona company.
The boards of both companies have approved the deal. It is subject to approval by Medicis shareholders and regulatory clearance.
Valeant chairman and CEO J. Michael Pearson said the deal would be "a significant next step" toward making his company the leader in dermatology.
The combined company's commercial dermatology operations would be based in Scottsdale and will operate under the Medicis name. Its research and development operations would operate in Canada, Arizona and California.