Valeant Pharmaceuticals Inc. (TSX:VRX) has confirmed it's buying Bausch + Lomb Holdings in a US$8.7-billion cash deal that will boost the Canadian drug maker's presence in the eye-care sector.
The Montreal-area company, based in Laval, Que. will hire some of Bausch + Lomb's senior executives to the U.S.-based global business, which is best known for its contact lenses and solutions.
Bausch + Lomb's chief medical officer, Dr. Calvin Roberts, will join Valeant in a similar role as will Dan Wechsler, who will become a Valeant executive vice-president and group chairman of ophthalmology and eye health.
Valeant said it expects additional members of the Bausch + Lomb management team will join later.
"We are excited to announce the acquisition of Bausch + Lomb, which will transform Valeant into a global leader in eye health by significantly strengthening our capabilities in ophthalmic pharmaceuticals, contact lenses and lens care products, and ophthalmic surgical devices and instruments," Michael Pearson, Valeant's chairman and chief executive said in Monday's announcement.
"Bausch + Lomb's world-renowned brand, comprehensive portfolio of leading eye care products, and promising late stage pipeline are an ideal strategic fit for our current ophthalmology business and we are strongly committed to continuing to build a sustainable eye health business."
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