LAVAL—Valeant Pharmaceuticals International Inc. has announced it will acquire Synergetics USA Inc. through a subsidiary for US$6.50 per share in cash, or approximately $166 million.
“The addition of Synergetics’ portfolio of instruments and devices will further enhance Bausch + Lomb’s presence around the world in the rapidly evolving field of vitreoretinal surgery,” Michael Pearson, chairman and CEO of Valeant, said. “We are committed to delivering a valuable and broad array of surgical devices and instruments to serve the needs of the surgical retina community and their patients.”
In addition to the upfront cash payment, Valeant noted that Synergetics stockholders will receive additional cash payments of up to $1.00 per share if specified sales milestones are achieved following the closing.
“We are pleased to reach an agreement with Valeant, which is a logical partner to maximize our Company’s growth opportunities and, importantly, this agreement creates immediate and compelling value for our shareholders,” David Hable, president and CEO of Synergetics, said. “The combined strengths of both companies will expand the breadth of our offerings and create a more effective competitor that is better able to meet our customers’ needs in the ophthalmology and neurosurgery markets.”
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2015.