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MONTREAL — Canadian drug maker Valeant Pharmaceuticals International is buying Medicis Pharmaceutical for $2.6 billion, Valeant said Monday.
The $44-per-share deal, which the companies said represents a 39% premium over the closing price of Medicis' shares on Friday, is expected to close in the first half of 2013.
"The acquisition of Medicis represents a significant next step in our journey to become the leader in dermatology by strengthening Valeant's presence in acne, actinic keratosis, aesthetic injectables and antivirals, among others," Valeant chairman and CEO J. Michael Pearson said. "Medicis' highly complementary portfolio of leading branded products and promising pipeline is a solid strategic fit, and we look forward to leveraging Medicis' well-known and respected name in dermatology to drive long-term growth."
Medicis manufactures drugs for such conditions as acne, bacterial infections and skin wrinkles.