Valeant Pharmaceuticals International Inc to buy Synergetics USA Inc to enhance Bausch

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LAVAL, Que. — Valeant Pharmaceuticals International, Inc. has made a friendly deal to acquire Synergetics USA Inc., a supplier of precision surgical devices that Valeant says will enhance its Bausch and Lomb eye-care business.Valeant is offering US$6.50 per share in cash per Synergetics share, which is 48 per cent above the pre-announcement price for the stock, and up to $1 per share of additional payments if certain sales milestones are achieved.In pre-market trading, Synergetics shares rose to US$6.63 from Tuesday’s closinig price of US$4.39, which valued the company at US$110 million prior to Valeant’s announcement.Valeant picks up psoriasis drug after Amgen drops it on suicide fearsValeant Pharmaceuticals International Inc. to buy ‘female Viagra’ maker for $1 billionDavid Hable, Synergetics president and CEO, said the offer is good for its shareholders and customers.“The combined strengths of both companies will expand the breadth of our offerings and create a more effective competitor that is better able to meet our customers’ needs in the ophthalmology and neurosurgery markets,” Hable said in a joint statement with Valeant.One of the conditions of the friendly deal is that Valeant receive a majority of Synergetics shares through a tender offer. read more