Aspirational Valeant makes $500m acquisition, eyes 'Top 5' spot

Valeant Pharmaceuticals is to acquire PreCision Dermatology for $475m in cash, plus an additional $25m if sales-based milestones are achieved. J Michael Pearson, CEO of Canada's largest public pharma company, announced a new "strategic initiative" last month, to become "one of the top-five most valuable pharmaceutical companies by the end of 2016."