September 2, 2015 / 1:07 PM / 4 years ago

Valeant to buy ophthalmic surgical device maker Synergetics

The company logo of Valeant Pharmaceuticals International Inc is seen at its headquarters in Laval, Quebec May 19, 2015. REUTERS/Christinne Muschi

(Reuters) - Canada’s Valeant Pharmaceuticals International Inc VRX.TO VRX.N agreed to buy surgical device maker Synergetics USA Inc SURG.O, its eighth acquisition this year.

Valent said on Wednesday it would commence a tender offer to acquire all outstanding shares of Synergetics for $6.50 per share, a premium of 48 percent to Synergetics’ Tuesday close on the Nasdaq.

Shares of Synergetics, which makes surgical devices for ophthalmology and neurosurgery, were trading at $6.68 before the bell.

At $6.50, the offer was worth about $166 million based on Synergetics’ diluted outstanding shares as of April 30.

The acquisition, which is expected to close in the fourth quarter, is aimed at expanding the Bausch + Lomb’s business, the company said. Valeant bought the company for $8.7 billion in 2013.

The Synergetics offer comes less than two weeks after Valeant bought Sprout Pharmaceuticals, which makes a controversial new drug to treat low sexual desire in women, for about $1 billion.

Synergetics shareholders will receive additional cash payments of up to $1 per share if certain sales milestones are reached after the transaction closes, Valeant said.

Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj Kalluvila

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below