Valeant Pharmaceuticals has entered into agreement with Medicis Pharmaceutical to acquire all of the outstanding common stock of Medicis for $44.00 per share in cash.

The transaction, which values Medicis's common stock nearly $2.6bn, was approved by the Boards of Directors of both companies.

Valeant's chairman and chief executive officer Michael Pearson said the acquisition of Medicis represents a next step in Valeant's journey in dermatology.

''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," Pearson added.

Medicis' portfolio includes Solodyn, Restylane, Perlane, Ziana, Dysport and Zyclara.

Medicis chairman and chief executive officer Jonah Shacknai said, ''We look forward to combining our portfolio of products with Valeant, and we are confident that the combined portfolio under the Medicis name will be well positioned to capitalize on meaningful opportunities in the growing dermatology and aesthetics markets."

J.P. Morgan Chase Bank will provide Valeant with the required finance.

The transaction, which is expected to close in the first half of 2013, is also subject to Medicis stockholders approval and expiration of any applicable regulatory waiting period.