The Canada based pharmaceuticals giant is to aquire Solta for $250m
Canada based Valeant Pharmaceuticals has entered into an agreement to acquire all of the outstanding common stock of Solta Medical for $2.92 per share in cash, which comes to approximately $250m. The transaction is expected to close in the first quarter of 2014.
Solta Medical is a US based company which designs, develops, manufactures, and markets energy-based medical device systems for aesthetic applications. It is known as a leader and innovator in fractional laser technology, and markets a range of aesthetic energy devices including the popular skin resurfacing and rejuvenation treatment, Fraxel. Solta's total revenue came to approximately $145m in 2012.
"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," said J. Michael Pearson, Chairman and CEO of Valeant, whose existing consumer brands portfolio includes Dermaveen, Dr. LeWinn's and Dr. Renaud.
"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."
Mark Sieczkarek, Chairman of the Board and Interim CEO of Solta Medical, added: "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. Our entire team looks forward to executing a smooth transition of our operations into the Valeant organisation.”