Privately held Bausch + Lomb Inc. has made ISTA Pharmaceuticals Inc. (NASDAQ: ISTA) an offer it can’t refuse. The eye care company owned by private equity firm Warburg Pincus will acquire ISTA for $9.10/share, or a total of about $380 million.
Last December Valeant Pharmaceuticals Inc. (NYSE: VRX) made a hostile offer of $6.50/share which it eventually raised to $7.50 with a target price of $8.50 provided that the due diligence was completed satisfactorily. ISTA said it would evaluate Valeant’s offer, but would keep its options open. Valeant later withdrew its offer.
The all-cash deal is expected to close in the second quarter.
ISTA’s shares are trading higher in the pre-market this morning, at $9.02 up about 7.6%.