Valeant Pharmaceuticals International, Inc. has entered an agreement to acquire Solta Medical, Inc. for approximately $250 million in cash. The transaction is expected to close in 1Q14.
Solta develops and manufactures energy-based medical device systems for aesthetic applications. Solta's products include the Thermage CPT system, a non-invasive treatment using radiofrequency energy for skin tightening, the Fraxel repair system for use in dermatological procedures requiring ablation, coagulation, and resurfacing of soft tissue, the Clear + Brilliant system to improve skin texture, and the Liposonix system that destroys unwanted fat cells in the waist. Solta had revenues of approximately $145 million 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 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."
Piper Jaffray & Co. acted as financial advisor to Solta and Fenwick & West LLP acted as legal advisor. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Valeant.
Valeant Acquires Solta Medical
By Kristin Brooks
Published December 16, 2013
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