It is also acquiring from Valeant a dermal filler for cosmetic and medical use called Sculptra.
Quebec-based Valeant, which inherited the North American rights in its 2012 acquisition of Medicis, said the deal was not contingent on the success of its bid for U.S. drug company Allergan Inc.
The Canadian firm increased its offer for Allergan, whose biggest product is botulinum toxin, or Botox, a few hours after announcing the deal with Nestle.
"With this deal we have acquired key strategic assets to extend Nestle's activities in the field of specialized, medical skin treatments, providing consumers with life-enhancing scientific products," Nestle Chairman Peter Brabeck-Letmathe said.
Read MoreNestle will have 'challenging' 2014, in line with 2013: CEO
"This move will reinforce Galderma's leading position in the industry when it becomes Nestle Skin Health by allowing it to complete its geographic footprint for its strong portfolio of brands and leading medical solutions globally."
Nestle also has a unit called Nestle Health Science that sells medical nutrition products for people with specific dietary needs related to illness or disease. It is also among the shortlist of bidders for the medical nutrition business of Danone, valued at about 4 billion euros ($5.5 billion), sources have told Reuters.
Nestle Health Science is working as well to develop products in the areas of gastrointestinal, metabolic and brain health.
Nestle expects to close its purchase of Galderma in July and expects to operate the new assets through that business.
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