Canada's Valeant Pharmaceuticals International Inc will buy Medicis Pharmaceutical Corp for $2.6 billion in cash to strengthen its presence in dermatology.

The deal will help Valeant bulk up its offering in acne, actinic keratosis, aesthetic injectables and anti-virals among others.

Pro forma net revenue for the combined company's dermatology and aesthetics businesses for 2012 is expected to exceed $1.7 billion within the United States, the companies said.

Valeant's $44 per share offer is at a 39 percent premium to Medicis's closing price of $31.56 on Friday on the New York Stock Exchange.

Valeant expects the deal to immediately add to its earnings per share when completed.

J.P. Morgan Securities LLC acted as Valeant's financial adviser. Deutsche Bank Securities Inc and Roberts Mitani LLC advised Medicis.