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Bausch + Lomb To Acquire ISTA In Cash Deal

DOW JONES NEWSWIRES Bausch + Lomb Monday agreed to acquire ISTA Pharmaceuticals Inc. (ISTA), swooping in with a higher offer for the eye-care company deal less than two months after a rival suitor withdrew its bid. ISTA shares jumped 7.8% to $9.03 after hours, slightly below Bausch + Lomb's $9.10 per-share offer price, which offers more than $380 million for Ista's outstanding shares. That values the company at a roughly 134% premium over its close Dec. 15, the day before ISTA confirmed its was weighing its strategic options. The latest offer comes after Valeant Pharmaceuticals International Inc. (VRX, VRX.T) withdrew a sweetened bid for the eye-care company. Valeant in January raised its offer for ISTA to $7.50 a share, with a target of $8.50 subject to due diligence. ISTA at the time said it would continue to review Valeant's offer, valued at up to $353 million, but said it would remain in talks with a number of parties that expressed interest in a strategic transaction. Basch + Lomb's deal, expected to close in the second quarter, won unanimous approval from both companies' boards. Basch + Lomb said the deal benefits from the two companies' complementary development pipelines. The companies plan to continue operating independently until the deal closes. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Valeant Pharma (VRX)
DateTimeHeadline
04/07/201403:39:11Meda and Valeant Terminate Joint Ventures
03/13/201417:52:06Anacor Pharmaceuticals Swings to a Profit
01/14/201406:11:37Valeant, Actavis, Mylan Said Interested in Buying Pfizer's Generics...
12/16/201309:15:12U.S. Hot Stocks Futures: Hot Stocks to Watch
12/16/201309:00:06Valeant to Acquire Solta Medical for $250 Million
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:17:55OZ Management LP 3Q 13F: Largest Sales
11/15/201309:15:02Lone Pine Capital 3Q 13F: Holdings As Of Sep 30
11/15/201309:14:57Lone Pine Capital 3Q 13F: Largest Sales
11/15/201309:13:37Maverick Capital Ltd. 3Q 13F: Holdings As Of Sep 30
11/15/201309:13:37Maverick Capital Ltd. 3Q 13F: Largest Eliminations
11/15/201308:53:17D. E. Shaw & Co. LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201308:53:17D. E. Shaw & Co. LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:49:58Viking Global Investors LP 3Q 13F: Largest Sales
11/15/201308:49:57Viking Global Investors LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:47:28ValueAct Capital Management LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:22:24Janus Capital Management 3Q 13F: Holdings As Of -2-
11/15/201308:22:23Janus Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201308:21:52Janus Capital Management 3Q 13F: Largest Purchases -2-

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