"With this deal we have acquired key strategic assets to extend Nestlé's activities in the field of specialized, medical skin treatments," the group's chairman Peter Brabeck-Letmathe said in a statement issued on Wednesday.
The deal, worth about one billion euros, still needs a green light from regulators.
It would see Nestlé acquire the rights to commercialize several of Montreal-based Valeant's key aesthetic dermatology products in the United States and Canada.
"The two markets together represent more than half of the fast-growing medical aesthetics market around the world," Nestlé said in a statement.
Among the products to which the rights have been acquired are corrective facial aesthetic treatments Restylane, Perlane and Emervel.
They are manufactured by Nestlé's Galderma medical unit, which sells them in all markets except North America, where Valeant holds the distribution rights.
Valeant acquired the rights at the end of 2012 when it bought the Medicis laboratory.
The deal announced on Wednesday also covers Dysport, an aesthetic dermatology treatment which is branded as Azzalure in Europe.
It is distributed at the global level by Galderma, which will now gain Valeant's commercialization rights in North America, as well.
Nestlé said that it would also acquire global rights to Sculptra, an aesthetic and medical treatment, which is owned by Valeant.
The Vevey-based company had already made its market intentions clear when it announced the creation of its Nestlé Skin Health division, following its decision to reduce its stake in French group L'Oréal.
The bedrock of the division was Galderma, a Nestlé and L'Oréal's joint venture which is poised to become fully-owned by Nestlé.
Nestlé's babycare arm Bubchen is to be merged with Galderma as part of the move.
The Galderma plan is awaiting final regulatory clearance, and the Valeant deal marks a further step in the strategy.
"This move will reinforce Galderma's leading position in the industry when it becomes Nestlé Skin Health by allowing it to complete its geographic footprint for its strong portfolio of brands and leading medical solutions globally," said Paul Bulcke, Nestlé's chief executive, in a statement.