Valeant buys $2.6bn skincare firm

Canadian pharma company Valeant is to buy US firm Medicis in a $2.6 billion (£1.6 billion) deal. Medicis produces prescription dermatology products as well as over the counter products aimed at improving appearance by, for example, reducing wrinkles. The firm made sales of $720 million in 2011 and employes 646 people. Its biggest brand is Solodyn (minocycline) for the treatment of acne. Once the deal goes through, Valeant intends to bring together all its dermatology activities under the Medicis name. The commercial part will be run from Scottsdale, Arizona, and the R&D from three sites in: Scottsdale; Laval in Quebec, Canada; and Petaluma in California.