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Valeant buys Bausch + Lomb

The Quebec pharmaceutical Valeant has acquired Bausch + Lomb, the global leader in eye health, for $8.7 billion.

 

Half of the payment will go directly to the investor group led by Warburg Pincus, which bought B + L in 2007 for $4.5 billion, while the other half will be used to repay B + L’s outstanding debt. To finance the acquisition, Valeant will issue $2 billion in new equity and borrow the rest.

 

Valeant will integrate its ophthalmology businesses into the new division, which will retain the name Bausch + Lomb. The pharmaceutical company expects to achieve $800 million in cost savings by 2014. B + L distributes such products as Vision Care, ONEday, PureVision, along with the Besivance, Lotemax, and Ocuvite treatments.

 

There have been rumours for months that Bausch + Lomb was being sold, but when it came time to discuss potential buyers, names like Abbott Laboratories, Johnson & Johnson, and Sanofi, even Merck & Co and Pfizer, were frontrunners, as ClipInfo.ca reported on January 8, 2013. More recently, in February, Warburg Pincus was considering the initial public offering route to unload B + L, saying it was disappointed in the bids it had received.

 

Source: http://ir.valeant.com/investor-relations/news-releases/news-release-details/2013/Valeant-Pharmaceuticals-International-Inc-To-Acquire-Bausch–Lomb-For-87-Billion/default.aspx

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