With the receipt of Hart-Scott-Rodino clearance, the previously announced acquisition of Precision Dermatology by Valeant Pharmaceuticals International, Inc. for $500 million, closed July 7, 2014. Precision was spun out of Collegium Pharmaceuticals, a specialty pharmaceuticals company, for which Boston Millennia Partners provided the first institutional financing. Following the spinout, Precision raised $60 million of additional equity, and through acquisitions and organic growth developed into a significant company in the Rx dermatology space.
Robert Jevon, General Partner of Boston Millennia Partners and Precision Board member, said, “Boston Millennia Partners wants to recognize the outstanding contributions of Bob Moccia and Precision’s senior management to the creation of a great company following its transformational spinout from Collegium.”
Dana Callow, Boston Millennia Partners Managing General Partner, said, “The acquisitions made by Precision were of central importance for the success achieved with the company’s sale to Valeant. BMP’s acquisition-based core investment strategy once again has resulted in the creation of significant value for our investors and management teams. I want to express my thanks to the management of Precision and, in addition, want to thank Jane Hirsh, the visionary founder of Collegium, for introducing Boston Millennia Partners to the Collegium/Precision investment opportunities.”