Valeant Pharmaceuticals International (www.valeant.com) and global eye health company Bausch + Lomb Holdings Incorporated have entered into a definitive agreement under which Valeant will acquire Bausch + Lomb for $8.7 billion in cash. The terms of the agreement have been unanimously approved by the Boards of Directors of both companies.
Bausch + Lomb will retain its name and become a division of Valeant. Valeant's existing ophthalmology businesses will be integrated into the Bausch + Lomb division. "We are excited to announce the acquisition of Bausch + Lomb, which will transform Valeant into a global leader in eye health by significantly strengthening our capabilities in ophthalmic pharmaceuticals, contact lenses and lens care products, and ophthalmic surgical devices and instruments,” said J. Michael Pearson, Valeant's chairman and CEO. “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. With this transaction, Valeant will be a worldwide leader in both dermatology and eye health."