The acquisition is subject to an upfront payment and potential future milestones that total significantly less than two times sales, the company said.
The transaction is expected to be immediately accretive.
Eyetech currently markets Macugen in the US, the anti-VEGF inhibitor approved for the treatment of wet age-related macular degeneration (AMD).
Valeant Chairman and CEO Michael Pearson said the acquisition of Eyetech will fit with their existing ophthalmology business, which includes a preservative free Timoptic in Ocudose and Lacrisert.