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Valeant buying PreCision Dermatology for $475M

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February 3, 2014 11:05 AM EST | AP

NEW YORK (AP) — Valeant Pharmaceuticals is looking to expand its skin care business by buying PreCision Dermatology for $475 million.

Cumberland, R.I.-based PreCision Dermatology makes treatments for skin ailments such as acne and atopic dermatitis, an itchy, chronic skin inflammation.

Valeant, which is based in Canada, said Monday that PreCision expects to have about $130 million in revenue in 2014. It said the purchase should close by the end of June and will add to its adjusted earnings immediately.

Valeant hasn't reported its full 2013 results, but has forecast $5.7 billion to $5.9 billion in revenue for the year.

The company could pay another $25 million if a certain sales target is reached.

U.S.-traded shares of Valeant Pharmaceuticals International Inc. slipped 71 cents to $134.93 in Monday morning trading. The stock has doubled over the past 12 months.