(Reuters) - Canadian drugmaker Valeant Pharmaceuticals International Inc will buy privately held drugmaker OraPharma for about $312 million, to enter the dental market.

The company, which has been on a buying spree across various geographies since Michael Pearson took over as its chief executive four years ago, said it will also pay $114 million in potential contingent payments based on certain milestones.

The deal, which is expected to close in June, will add to Valeant's earnings in 2012, the company said in a statement.

OraPharma is owned by private equity firm Water Street Healthcare Partners.

The company makes Arestin, a locally administered antibiotic for the treatment of periodontitis - an infection of the ligaments and bones that support the teeth.

As of March 31, OraPharma's twelve month net revenue was about $95 million.

(Reporting by Aftab Ahmed in Bangalore; Editing by Supriya Kurane)