Valeant Pharmaceuticals International said on Monday it would acquire Solta Medical Inc for about $236 million in cash, giving it access to products used in procedures such as skin rejuvenation, skin tightening and body contouring. Last month, Solta said it had retained Piper Jaffray as its adviser to explore a possible sale, in light of falling profits from its medical equipment business and pressure from activist investor Voce Capital Management LLC.Valeant would acquire all of the outstanding common stock of Solta for $2.92 per share in cash, which represents a 40 percent premium to Solta's closing share price on Dec. 13. The deal is expected to close in the first quarter of 2014."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 Valeant Chief Executive Michael Pearson, in a statement.
Solta Medical, Inc. designs, develops, manufactures and markets professional and consumer energy-based medical device systems for aesthetic applications. Shares of SLTM traded higher by 0.97% or $0.02/share to $2.09. In the past year, the shares have traded as low as $1.44 and as high as $2.89. On average, 516439 shares of SLTM exchange hands on a given day and today's volume is recorded at 760130.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 0.56% or $0.59/share to $106.83. In the past year, the shares have traded as low as $58.35 and as high as $115.40. On average, 1124610 shares of VRX exchange hands on a given day and today's volume is recorded at 798120.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 0.19% or $0.22/share to $113.07. In the past year, the shares have traded as low as $57.13 and as high as $119.95. On average, 397216 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 432130.
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