Bausch + Lomb to acquire ISTA for $500m
Bausch + Lomb is to spend approximately $500 million on ISTA Pharmaceuticals.
Eye health company Bausch + Lomb is to purchase ISTA Pharmaceuticals in a deal worth approximately $500 million (£313 million).
The transaction, which is expected to be concluded during the second quarter of the year, will see Bausch + Lomb expand its presence in the eyecare industry by making use of ISTA's portfolio of anti-inflammatory allergy, glaucoma and spreading agents.
ISTA may have made use of merger and acquisition advisers during negotiations with Bausch + Lomb and president and chief executive officer of ISTA Vincente Anido Jr said the transaction has been finalised after "a thorough process that delivers shareholders an important return on their investment".
His counterpart at Bausch + Lomb Brent Saunders described ISTA - which recorded net revenues of $45.1 million in the fourth quarter of 200 - as "an excellent strategic fit".
The deal is "an important step in Bausch + Lomb's commitment to becoming the best global eye health company", he added.
Source: Bausch + Lomb press release, March 26th
Posted by Ken Hayes