Valeant Agrees to Acquire Synergetics -- Update
September 02 2015 - 9:55AM
Dow Jones News
By Tess Stynes
Valeant Pharmaceuticals International Inc. agreed to acquire
precision surgical devices supplier Synergetics USA Inc. for at
least $166.2 million, in a deal that aims to boost Bausch &
Lomb's global presence in vitreoretinal surgery.
Shares of Missouri-based Synergetics soared 52% to $6.67 in
premarket trading. Through Tuesday's close, the stock has climbed
44% in the past 12 months.
Under the deal, Valeant will launch a tender offer for
Synergetics stock in which Synergetics shareholders will receive
$6.50 a share in cash, a 48% premium to Tuesday's close.
Shareholders also would receive a rights to additional payments of
as much as $1 a share if certain milestones are reached after the
deal closes, which is expected in the fourth quarter.
Synergetics's board of directors has unanimously approved the
deal.
The move is the latest in a string of deals for Valeant, which
has used multibillion-dollar acquisitions of companies like Bausch
& Lomb, Medicis and Salix to build up portfolios of eye, skin
and stomach products.
Last month, Valeant agreed to pay $1 billion for Sprout
Pharmaceuticals Inc., the closely held company that just won
approval to sell the first drug that aims to boost a woman's
libido.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 02, 2015 09:40 ET (13:40 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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