Features | Partner Sites | Information | LinkXpress
Sign In
GLOBETECH PUBLISHING LLC
GLOBETECH PUBLISHING LLC
GLOBETECH MEDIA

Valeant Pharmaceuticals to Buy Bausch & Lomb

By BiotechDaily International staff writers
Posted on 06 Jun 2013
Valeant Pharmaceuticals International (Laval, Canada) has agreed to buy Bausch + Lomb (Rochester, NY, USA) from Warburg Pincus (New York, NY, USA) for USD 8.7 billion.

Bausch + Lomb is a leading global eye health company that operates in three segments: pharmaceutical (including prescription brands, generics, and over-the-counter (OTC) products; vision care (contact lenses and solutions); and surgical (intraocular lenses and surgical equipment). Bausch + Lomb has a broad portfolio of eye health products, including well-known prescription and OTC brands such as Besivance, Lotemax, Ocuvite and PreserVision; vision care brands Biotrue ONEday, PureVision, renu and Boston; and the surgical brands enVista, Storz, Stellaris, and VICTUS.

The Bausch + Lomb acquisition is Valeant's biggest acquisition to date, and will place it roughly among the 15 largest global pharmaceutical companies, strengthening Valeant's offerings in ophthalmic pharmaceuticals, contact lenses and lens care products, along with adding ophthalmic surgical devices and instruments to its portfolio. Valeant plans to keep all three of Bausch & Lomb's market segments, belying market speculation that the company would seek to sell the surgical instruments arm.

The purchase price includes USD 4.5 billion in cash to the current owners, including private-equity firm Warburg Pincus, and another USD 4.2 billion in cash to pay Bausch + Lomb’s current debt burden. For Warburg Pincus the sale represents a threefold return on its 2007 investment. Warburg Pincus and other owners have already cashed out a USD 772 million dividend from Bausch & Lomb, funded by a debt raise earlier in 2013.

“We are excited to announce the acquisition of Bausch + Lomb, which will transform Valeant into a global leader in eye health,” said Michael Pearson, chairman and CEO of Valeant. “Bausch + Lomb's world-renowned brand, comprehensive portfolio of leading eye care products, and promising late stage pipeline are an ideal strategic fit for our current ophthalmology business and we are strongly committed to continuing to build a sustainable eye health business.”

“Valeant's acquisition of our company is a testament to the tremendous value our talented employees have created over the past several years,” said Brent Saunders, CEO of Bausch + Lomb. “Our companies have a shared commitment to providing innovative and high quality products and exceptional service to customers. I am confident that under their stewardship, the Bausch + Lomb brand will continue to stand for excellence and innovation in eye health.”

Related Links:
Valeant Pharmaceuticals International
Bausch + Lomb
Warburg Pincus



Channels

Drug Discovery

view channel
Image: Star-like glial cells in red surround alpha-beta plaques in the cortex of a mouse with a model of Alzheimer\'s disease (Photo courtesy of Strittmatter laboratory/Yale University).

Experimental Cancer Drug Reverses Symptoms in Mouse Model of Alzheimer's Disease

An experimental, but clinically disappointing drug for treatment of cancer has been found to be extremely effective in reversing the symptoms of Alzheimer's disease (AD) in a mouse model.... Read more

Biochemistry

view channel
Image:  Model depiction of a novel cellular mechanism by which regulation of cryptochromes Cry1 and Cry2 enables coordination of a protective transcriptional response to DNA damage caused by genotoxic stress (Photo courtesy of the journal eLife, March 2015, Papp SJ, Huber AL, et al.).

Two Proteins Critical for Circadian Cycles Protect Cells from Mutations

Scientists have discovered that two proteins critical for maintaining healthy day-night cycles also have an unexpected role in DNA repair and protecting cells against genetic mutations that could lead... Read more
 
Copyright © 2000-2015 Globetech Media. All rights reserved.