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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
04/23/201417:37:58Three Valeant Directors Won't Be Nominated for Re-Election...
04/23/201409:12:27Ackman: Poison Pill Is Way for Allegan to Explore Alternatives...
04/22/201420:09:21Allergan Pursuer Valeant: A Drug Maker With Little Patience for...
04/22/201418:18:04Valeant Pharmaceuticals Is a Popular Play Among Hedge Funds...
04/22/201417:30:11MARKET SNAPSHOT: U.S. Stocks Gain; S&P 500 Extends Streak To...
04/22/201415:04:46Ackman Warns Allergan Against Saying No to Valeant Offer
04/22/201414:38:17MARKET SNAPSHOT: U.S. Stocks Rise; Netflix Jumps On Results
04/22/201413:44:03Novartis Overhauls Portfolio With Deals Worth $25 Billion...
04/22/201413:36:50Valeant, Ackman Propose Allergan Deal -- 7th Update
04/22/201412:11:36ValueAct CEO: Allergan and Valeant are Perfect Match -CNBC
04/22/201411:59:49Valeant, Ackman Propose Allergan Deal -- 6th Update
04/22/201410:23:35Valeant, Ackman Propose Allergan Deal -- 5th Update
04/22/201409:43:08U.S. Hot Stocks: Hot Stocks to Watch
04/22/201408:44:13Valeant, Ackman Propose Allergan Deal -- 4th Update
04/22/201406:21:34AstraZeneca Helps Boost European Shares
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

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