Key Developments: Valeant Pharmaceuticals International Inc (VRX)
86.38USD
19 Jun 2013
$0.52 (+0.61%)
$85.86
$86.20
$87.55
$85.62
7,549,561
1,748,624
$96.25
$42.47
Latest Key Developments (Source: Significant Developments)
Valeant Pharmaceuticals International Inc's VPII Escrow Corp Announces Launch Of Private Offering Of Senior Notes
Valeant Pharmaceuticals International Inc announced that VPII Escrow Corp., a newly formed wholly owned Canadian subsidiary of the Company, has launched its offer of approximately $3.2 billion aggregate principal amount of senior unsecured notes (the Notes). The Notes will be due in 2021 and in 2023, with final tranching determined at pricing. The Company intends to use the net proceeds from the offering, together with proceeds from its previously announced public offering of common shares and other debt financing, to fund (i) the consideration of its previously disclosed acquisition (the Merger) of Bausch + Lomb Holdings Incorporated (B+L), (ii) the fees and expenses incurred in connection with the Merger; and (iii) the repayment or retirement of B+L's outstanding debt. Full Article
Valeant Pharmaceuticals International Inc Prices Public Offering Of Common Shares
Valeant Pharmaceuticals International Inc announced that it has priced its previously announced public offering of common shares (the Offering). Pursuant to the Offering, the Company will issue 23,529,412 common shares at a price of $85.00 per share, for aggregate gross proceeds of approximately $2.0 billion. The Company will file a final prospectus supplement to its effective shelf registration statement on Form S-3 and will make a similar filing with the securities regulatory authorities in each of the provinces of Canada. Closing of the Offering is expected to occur on or about June 24, 2013. The Company intends to use the net proceeds from the Offering, together with debt financing, to fund (i) the consideration of its previously disclosed acquisition (the "Merger") of Bausch + Lomb Holdings Incorporated ("B+L"), (ii) the fees and expenses incurred in connection with the Merger; and (iii) the repayment or retirement of B+L's outstanding debt. If the Merger were not to close for any reason, the proceeds of the Offering will be used for general corporate purposes, which may include providing working capital, funding capital expenditures or for making one or more future acquisitions. Goldman, Sachs & Co. will act as sole manager of the Offering outside of Canada and Goldman Sachs Canada Inc. will act as sole manager of the Offering in Canada. Full Article
Valeant Pharmaceuticals International Inc Announces Public Offering Of Common Shares
Valeant Pharmaceuticals International Inc announced that it has filed a preliminary prospectus supplement to its effective shelf registration statement on Form S-3 and has made a similar filing with securities regulatory authorities in each of the provinces of Canada in connection with a public offering of its common shares to raise gross proceeds of approximately $1.75 billion (the "Offering"). The Company will also grant to the underwriters of the Offering an option, exercisable for a period of 30 days following the date of the final prospectus supplement, to purchase additional common shares equal to up to 15% of the common shares initially sold. The Company intends to use the net proceeds from the Offering, together with debt financing, to fund the consideration of its previously disclosed acquisition (the Merger) of Bausch + Lomb Holdings Incorporated (B+L), the fees and expenses incurred in connection with the Merger; and the repayment or retirement of B+L's outstanding debt. If the Merger were not to close for any reason, the proceeds of the Offering will be used for general corporate purposes, which may include providing working capital, funding capital expenditures or for making one or more future acquisitions. Goldman, Sachs & Co. will act as sole manager of the Offering outside of Canada and Goldman Sachs Canada Inc. will act as sole manager of the Offering in Canada. Full Article
Hyperion Therapeutics Inc Acquires Worldwide Rights To BUPHENYL From Valeant Pharmaceuticals International Inc's Ucyclyd Pharma Inc
Hyperion Therapeutics Inc announced that the completion of its acquisition of BUPHENYL (sodium phenylbutyrate) Tablets and Powder, an FDA-approved therapy for treatment of the most prevalent urea cycle disorders (UCD), from Ucyclyd Pharma Inc., a subsidiary of Valeant Pharmaceuticals International, Inc. (NYSE:VRX). As part of this transaction, Hyperion received a net payment of approximately $11 million due to Ucyclyd's exercise of its option to retain AMMONUL (sodium phenylacetate and sodium benzoate) Injection 10%/10%, a hospital-based product used for the treatment of acute hyperammonemia in UCD patients. Hyperion was granted an option to acquire both BUPHENYL and AMMONUL under a March 2012 collaboration agreement between Hyperion and Ucyclyd Pharma Inc. However as part of the agreement, Ucyclyd had an option to retain AMMONUL. The net payment to Hyperion reflects the $19 million purchase price for BUPHENYL due to Ucyclyd and a $32 million payment due to Hyperion as a result of Ucyclyd's exercise of its option to retain AMMONUL, less costs of approximately $2 million in inventory due to Ucyclyd. Full Article
Valeant Pharmaceuticals International Inc Announces Receipt Of U.S. FDA Complete Response Letter For Efinaconazole
Valeant Pharmaceuticals International Inc announced that it has received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding its New Drug Application (NDA) for efinaconazole for the treatment of onychomycosis. A CRL is issued by the FDA's Center for Drug Evaluation and Research when the review of a file is completed and questions remain that preclude the approval of the NDA in its current form. The questions raised by the FDA pertain only to Chemistry, Manufacturing and Controls (CMC) related areas of the container closure apparatus. As no efficacy or safety issues were raised by the FDA, Valeant believes that these items can be addressed and is working for a timely response to the FDA as soon as possible. Valeant remains committed to bringing efinaconazole to market as a potential new treatment for onychomycosis. Full Article
Valeant Pharmaceuticals International Inc To Acquire Bausch + Lomb For $8.7 Billion
Valeant Pharmaceuticals International Inc and Bausch + Lomb Holdings Inc announced that they have entered into a definitive agreement under which Valeant will acquire Bausch + Lomb for $8.7 billion in cash. Under terms of the agreement, which was unanimously approved by the Board of Directors of both companies, Valeant will pay aggregate consideration of $8.7 billion in cash, of which approximately $4.5 billion will go to an investor group led by Warburg Pincus and approximately $4.2 billion will be used to repay Bausch + Lomb's outstanding debt. The transaction will be financed with debt and approximately $1.5 - $2.0 billion of new equity. Valeant has secured fully committed debt financing for the transaction from Goldman Sachs Bank USA. 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, creating a global eye health platform with estimated pro forma 2013 net revenue of more than $3.5 billion. Full Article
Valeant Pharmaceuticals International Inc Near Deal To Acquire Bausch & Lomb From Warburg Pincus LLC-Reuters
Reuters reported that Valeant Pharmaceuticals International is nearing a deal to acquire eye care company Bausch & Lomb Holdings Inc from Warburg Pincus LLC for about $9 billion. Valeant shares spiked to their highest level since 2001 and were up 13% at CAD86.86 in afternoon trading in Toronto. Full Article
Pharmaxis Ltd Appoints Valeant Pharmaceuticals International, Inc's PharmaSwiss SA As Bronchitol Distributor For Poland
Pharmaxis Ltd announced that it has appointed PharmaSwiss SA, a division of Valeant Pharmaceuticals International, Inc, as distributor for Bronchitol in Poland and ten other Eastern European countries. The PharmaSwiss agreement forms part of Pharmaxis’ commercialisation strategy which to date has seen Bronchitol made available in the UK, Germany, Austria and Denmark and with pricing discussions soon to complete in France. PharmaSwiss will take responsibility for obtaining pricing approval with the Polish reimbursement authority, a process which is expected to take approximately 18 months to complete. Other countries for which PharmaSwiss have been appointed distributor are Slovenia, Croatia, Serbia, Bosnia and Herzegovina, Montenegro, Macedonia, Latvia, Lithuania, Estonia and Kosovo. Full Article
Valeant Pharmaceuticals International Inc Raises FY 2013 EPS Guidance; Reaffirms FY 2013 Revenue Guidance
Valeant Pharmaceuticals International Inc updated previous cash EPS guidance for fiscal 2013 and is now targeting Cash EPS of $5.55 to $5.85 in 2013, despite a recent entry of Zovirax generic ointment, up from prior guidance of $5.45 to $5.75. Total revenue in the range of $4.4-$4.8 billion is reaffirmed for fiscal 2013. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $5.59 on revenues of $4.6 billion for fiscal 2013. Full Article
Valeant Pharmaceuticals International Inc Raises FY 2013 EPS Guidance; Reaffirms FY 2013 Revenue Guidance
Valeant Pharmaceuticals International Inc updated its previous cash EPS guidance and is now targeting cash EPS of $5.55 to $5.85 in fiscal 2013, despite a recent entry of Zovirax generic ointment, up from prior guidance of $5.45 to $5.75. Total revenue in the range of $4.4 to $4.8 billion. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $5.59 on revenues of $4.6 billion for fiscal 2013. Full Article
Valeant Pharma to launch $9.3 billion acquisition financing
NEW YORK - Valeant Pharmaceuticals has set a bank meeting for Wednesday to launch a $9.3 billion financing package backing the company's $8.7 billion acquisition of Bausch & Lomb , sources told Thomson Reuters LPC.
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