ALISO VIEJO, Calif. (AP) -- Valeant Pharmaceuticals International said Wednesday it will buy Private Formula International Holdings Pty Ltd., a skin care company, to boost its dermatology portfolio.
Valeant will pay $69 million and issue 162,500 shares of Valeant stock.
Under the terms of the agreement, Valeant acquires rights to skin care line Dr. LeWinn's, Hissyfit, also a skin care line, and nail strengthener line Revitanail.
Valeant expects the purchase will close in early October and add to Valeant's results next year.
Shares of Valeant declined 10 cents to $27.27.