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Solta sold after short time on auction block

Dec 16, 2013 - The Deal Pipeline

After spending slightly more than one month on the auction block, struggling medical device company Solta Medical Inc. on Monday was acquired by Valeant Pharmaceuticals InternationalInc.for $240 million.

The deal, which will be paid in cash, is for $2.92 per share, or about 1.65 times the Hayward, Calif.-based company's 2012 sales of $145 million, and represents a 40% premium to Solta's Dec. 13 close of $2.09 per share.

Solta's shares, which trade on the Nasdaq as SLTM, rose 39% duri...