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Health and Healthcare

Bausch + Lomb Nabs ISTA (ISTA, VRX)

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By Paul Ausick Published
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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%.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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