The products covered under the purchase include Restylane, Perlane and Emervel, which are used to fill wrinkles and increase the fullness of lips.
The purchase also covers Dysport and Sculptra, which are used to remove smile lines, as well as other medical and aesthetic treatments.
Nestle expects to complete its acquisition of Galderma in July 2014 and would expect to operate the acquired assets through Galderma, a joint venture it had with French cosmetics firm L’Oréal.
The deal is subject to customary closing conditions, including clearance or early expiration of the waiting period under the Hart-Scott-Rodino (HSR) Act and is not contingent upon a successful transaction with Allergan.
Valeant chairman and chief executive officer Michael Pearson said the company is happy to enter into this transaction.
"Galderma, under the leadership of Humberto Antunes, CEO of Galderma, not only has a history of building strong businesses, but is firmly committed to the aesthetic dermatology," Pearson said.
"It is a clear testament to the performance of Valeant’s aesthetic commercial team that Galderma recognizes their efforts and the value of the franchise they have developed.
"Galderma has already built a strong franchise with Restylane, Perlane, Dysport and Emervel outside North America and, with the addition of Sculptra, will now have the ability bring their expertise to the U.S. and Canada."