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Bausch + Lomb has signed a definitive agreement to acquire ISTA Pharmaceuticals for $9.10 per share in cash, or a total of approximately $500 million. The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2012.
Madison, NJ and Irvine, CA-Bausch + Lomb has signed a definitive agreement to acquire ISTA Pharmaceuticals for $9.10 per share in cash, or a total of approximately $500 million. The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2012.
The combination adds ISTA's portfolio of non-steroidal, anti-inflammatory, allergy, glaucoma, and spreading agents to Bausch + Lomb's complementary portfolio of prescription and over-the-counter eye-health products. The companies also have complementary development pipelines.
“ISTA is an excellent strategic fit with Bausch + Lomb's rapidly growing pharmaceutical business, and this combination represents an important step in Bausch + Lomb's commitment to becoming the best global eye-health company,” said Brent Saunders, president and chief executive officer, Bausch + Lomb. “Because Bausch + Lomb already manufactures nearly all of ISTA’s current U.S. products, our companies have known each other well for many years. We share a strong overlapping customer base in the U.S., a commitment to serving our physicians and patients, and a track record of developing meaningful medical advances in eye health. With this combination, we will significantly enhance our pharmaceutical pipeline, nearly doubling the number of mid- to late-stage innovations. We look forward to delivering the benefits of this combination to customers, patients, employees, and partners of both companies.”
“Along with the rest of our Board of Directors, I am pleased that the tremendous assets ISTA’s people have created with our products and pipeline have been recognized by Bausch + Lomb, a global leader in eye health, and that we were able to finalize a transaction after a thorough process that delivers shareholders an important return on their investment in ISTA,” said Vicente Anido Jr., PhD, president and chief executive officer of ISTA Pharmaceuticals. “Both companies have a significant commitment to serving the needs of the healthcare industry, eye-care professionals, and patients alike. ISTA’s portfolio of prescription eye and allergy products is a natural extension of Bausch + Lomb’s pharmaceutical business focus. Together, we create an impressive platform to commercialize new eye-care and allergy products already under development.”
The transaction is subject to regulatory approval and other customary closing conditions, including the approval of ISTA’s shareholders. The companies will continue to operate independently until completion of the transaction.
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