Valeant Agrees to Acquire Synergetics -- Update

By Tess Stynes 

Valeant Pharmaceuticals International Inc. agreed to acquire precision surgical devices supplier Synergetics USA Inc. for at least $166.2 million, in a deal that aims to boost Bausch & Lomb's global presence in vitreoretinal surgery.

Shares of Missouri-based Synergetics soared 52% to $6.67 in premarket trading. Through Tuesday's close, the stock has climbed 44% in the past 12 months.

Under the deal, Valeant will launch a tender offer for Synergetics stock in which Synergetics shareholders will receive $6.50 a share in cash, a 48% premium to Tuesday's close. Shareholders also would receive a rights to additional payments of as much as $1 a share if certain milestones are reached after the deal closes, which is expected in the fourth quarter.

Synergetics's board of directors has unanimously approved the deal.

The move is the latest in a string of deals for Valeant, which has used multibillion-dollar acquisitions of companies like Bausch & Lomb, Medicis and Salix to build up portfolios of eye, skin and stomach products.

Last month, Valeant agreed to pay $1 billion for Sprout Pharmaceuticals Inc., the closely held company that just won approval to sell the first drug that aims to boost a woman's libido.

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(END) Dow Jones Newswires

September 02, 2015 09:40 ET (13:40 GMT)

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