Valeant is not stopping its streak of acquisitions just yet.
Advertisement
Valeant will pay $6.50 for Synergetics outstanding shares in a deal that represents a 48% premium over the company’s closing price on Tuesday.
Synergetics is a company that specializes in neorosurgery and opthalmology devices, so at $166.2 million, the acquisition is cheaper than Valeant’s two other acquisitions that’s amounting to $1 billion.
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. Valeant sees Synergetics’ products as the key to strengthening the said 2013-acquired business, as per Chron.
“We are pleased to reach an agreement with Valeant, which is a logical partner to maximize our Company’s growth opportunities and, importantly, this agreement creates immediate and compelling value for our shareholders”, said David M. Hable, president and chief executive officer of Synergetics.
Advertisement
Announced early morning, Quebec-based pharmaceutical firm, Valeant Pharmaceuticals worldwide (NYSE: VRX) has agreed to acquire Missouri-based medical supplier Synergetics USA (NASDAQ: SURG). In addition, Synergetics stockholders will receive an additional cash payment of up to $1 per share if specific sales milestones are achieved after the sale closes.
