Valeant Pharmaceuticals to acquire Solta Medical
Valeant Pharmaceuticals International will acquire all outstanding common stock of Solta Medical for $2.92 per share in cash, for a transaction value of approximately $250 million. The transaction is expected to close in the first quarter of 2014.
Solta designs, develops, manufactures and markets energy-based medical device systems for aesthetic applications. Solta's products include the Thermage CPT system that provides non-invasive treatment options 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 help prevent the signs of aging skin and the Liposonix system that destroys unwanted fat cells resulting in waist circumference reduction. Solta had total revenue of approximately $145 million in 2012.
"Our board of directors has determined that this all-cash offer is in the best interest of our stockholders," said Mark Sieczkarek, chairman of the board and Interim CEO of Solta Medical. "Valeant has a proven track record of successfully integrating a number of acquisitions into their portfolio and has established a presence in the aesthetics market. The addition of Solta's brands and global sales organization creates a very compelling platform for future growth in the medical aesthetic segment."