Valeant buys Medicis for $2.6 billion

Valeant Pharmaceuticals International, Inc., which tried very hard to buy Frazer-based Cephalon before Teva Pharmaceuticals won the bidding, Tuesday announced it would pay $2.6 billion to acquire Medicis Pharmaceutical Corp.

Valeant is based in suburban Toronto and Medicis is headquartered in Scottsdale, Ariz.

The acquisition helps give Valeant a strong position in dermatology.

"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 anti-virals, among others," Valeant's chief executive officer J. Michael Pearson said in a statement. "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."