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Bausch + Lomb finalises USD500m ISTA buy.


7 June 2012 - US eye care products specialist Bausch + Lomb said it had wrapped up its USD500m (EUR397.8m) takeover of ISTA Pharmaceuticals Inc.

The buyer unveiled the deal at the end of March, saying that it would pay USD9.10 per ISTA share in cash and that it would finance the transaction with money from its cash reserves and USD350m secured through new and existing credit facilities. The deal is expected to contribute over USD150m to Bausch + Lomba[euro](tm)s annualised sales and to be accretive to the firma[euro](tm)s 2012 EBITDA.

Bausch + Lomb said that the acquisition will boost its offering and pipeline. The company added that ISTAa[euro](tm)s four prescription products, Bromday, Bepreve, Istalol, and Vitrase, will complement its existing prescription ophthalmology products, including Lotemax and Besivance, and branded over the counter (OTC) eye vitamins PreserVision and Ocuvite. The buyer further said that the deal also adds ISTAa[euro](tm)s candidates to treat ocular inflammation and pain and allergy-related nasal conditions Prolensa, T-pred, Bepomax and Beposone.

The acquisition will also almost double the number of mid- to late-stage innovations that were in Bausch + Lomba[euro](tm)s standalone pipeline.

Bausch + Lomb employed the advisory services of Goldman Sachs & Co (NYSE:GS) and Cleary Gottlieb Steen & Hamilton LLP, while ISTA relied on counsel from Greenhill & Co Inc (NYSE:GHL), Stradling Yocca Carlson & Rauth and WilmerHale LLP.Country: USASector: PharmaceuticalsTarget: ISTA Pharmaceuticals IncBuyer: Bausch & Lomb Incorporated.Deal size in USD: 500mType: Corporate acquisitionFinancing: Cash & Debt, Existing resourcesStatus: ClosedBuyer advisor: Goldman Sachs & Co, Cleary Gottlieb Steen & Hamilton LLP

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Publication:M & A Navigator
Date:Jun 7, 2012
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