The deal, which the latest of several acquisitions by Valeant, is set to close in the first half of 2014.
In December, Valeant agreed to buy Solta Medical for about $236 million in cash.
PreCision makes a range of medical products that treat a number of skin diseases such as acne and atopic dermatitis with such products as Locoid, Hylatopic, Clindagel, and BenzEFoam. PreCision expects to have approximately $130 million in revenue in 2014. The company will get an additional $25 million if it achieves a sales-related milestone, Valeant said.
PreCision operates in two key segments: Onset Dermatologics, which focuses on prescription therapies, and PrecisionMD®, which focuses on physician-dispensed products. The company is based in Cumberland, Rhode Island.