Valeant Pharmaceuticals International Inc. (TSE: VRX) is set to pay $236 million for Solta Medical Inc., a distributor of various skin care brands. 

Valeant—Canada’s largest drug maker and one of Mergers & Acquisitions’ “Seven Savvy Strategic Buyers”— says the deal would immediately add to earnings.

Hayward, Calif.-based Solta makes products used for non-surgical skin procedures such as wrinkle treatments, body contouring and cellulite reduction. They include Thermage, Liposonix, Fraxel and Claro (pictured). Buying the company coincides with Valeant’s pursuit of dermatology companies since the sector tends to be a "high cash-paying market." (For more, see: “Valeant to Stick with Skincare”)

Valeant would buy all of the outstanding common stock of Solta for $2.92 per share in cash, a 40 percent premium to the target’s closing price on Dec. 13. Parties expect to close the deal in early 2014.

By taking over Solta, Valeant would boast “the broadest aesthetic portfolio in the industry,” according to a statement from chief executive Michael Pearson, who has grown the company via M&A ever since he took the position in 2008.

In February, the company purchased Natur Produkt International, a maker of cough and cold remedies as well as anti-aging products, for $185 million. Then there was Obagi Medical Products Inc., which Valeant ended won in a bidding war against Merz Pharma Group. for $437.5 million. A month later, the Laval, Quebec-based company ventured in the ophthalmology space when it agreed to spend $8.7 billion for Bausch & Lomb Holdings Inc., the eye-care company owned by Warburg Pincus LLC.