The transaction, which is expected to be immediately accretive, is subject to certain closing conditions including expiration of requisite regulatory waiting periods and is anticipated to close by mid-year.
AcneFree, an over-the-counter (OTC) acne treatment is the University Medical’s main brand.
Valeant chairman and chief executive officer Michael Pearson said the addition of the OTC acne treatment will provide the company with the ability to expand OTC business.
Total revenue from the acquired assets in 2011 was approximately $32m, the Valeant said.
"We believe that we can build upon our success with CeraVe in the retail channel through increased offerings to consumers. These new products will be immediately accretive to our operations and have not been factored into our 2012 financial guidance," Pearson added.