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Valeant to buy ophthalmic surgical device maker Synergetics

Published 2015-09-02, 09:00 a/m
© Reuters. Valeant to buy ophthalmic surgical device maker Synergetics
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Sept 2 (Reuters) - Canada's Valeant Pharmaceuticals (NYSE:VRX)
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.

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