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Valeant to acquire Synergetics USA

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Valeant Pharmaceuticals announced that it will acquire Synergetics USA for $6.50 per share in cash, according to a Valeant press release.

“The addition of Synergetics’ portfolio of instruments and devices will further enhance Bausch + Lomb’s presence around the world in the rapidly evolving field of vitreoretinal surgery,” J. Michael Pearson, chairman and CEO of Valeant, said in the release. “We are committed to delivering a valuable and broad array of surgical devices and instruments to serve the needs of the surgical retina community and their patients.”

Synergetics stockholders will also receive an additional cash payment of up to $1 per share if specific sales milestones are reached after the deal closes.

After the tender offer, Valeant will acquire all remaining shares through a second-step merger at the same price and same contingent cash consideration payments.

The Synergetics board of directors unanimously approved the transaction, which is expected to close in the fourth quarter and is subject to customary closing conditions and regulatory approvals, the release said.