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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
03/31/201516:39:35Statement of Changes in Beneficial Ownership (4)
03/31/201513:40:51Vital Signs Show the Market for Health-Deals Is In the Pink
03/31/201501:12:08Defensive Sectors Lead Hesitant Market, But Traders Honor Long-Standing...
03/27/201516:10:12Current Report Filing (8-k)
03/27/201510:40:43Valeant closes equity offering
03/27/201510:09:00Valeant Pharmaceuticals Closes Offering Of $1.45 Billion Of Common...
03/27/201510:09:00Valeant Pharmaceuticals Closes Offering Of $1.45 Billion Of Common...
03/27/201507:36:37Current Report Filing (8-k)
03/26/201514:11:57Why Synergy Pharmaceuticals, Inc. Is Surging Higher Today.
03/25/201519:56:37Lean Recipe Fuels Food Deals--Update
03/25/201511:57:13Statement of Beneficial Ownership (sc 13d)
03/25/201509:03:02Is It Time for GlaxoSmithKline plc to Change Management?
03/22/201519:57:32Proceedings / Highlights From The Law Blog
03/18/201515:54:47Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
03/18/201506:04:06Current Report Filing (8-k)
03/17/201519:03:08Valeant prices equity offering
03/17/201509:00:00Valeant Pharmaceuticals Prices Offering Of $1.45 Billion Of Common...
03/17/201509:00:00Valeant Pharmaceuticals Prices Offering Of $1.45 Billion Of Common...
03/16/201519:47:24Valeant Raises Offer To $173/Share In New Deal for Salix--6th...
03/16/201519:36:19Valeant Raises Offer To $173/Share In New Deal for Salix--6th...

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