Valeant Pharmaceuticals has agreed to acquire all of the outstanding common stock of the US dermatology company Medicis Pharmaceuticals for US$44 per share in cash. The offer price represents a 39% premium to Medicis’ closing price prior to the announcement of the transaction and values Medicis at approximately US$2.6 B. With the acquisition, Valeant will become the leading player in the US dermatology market.