Canadian firm Valeant Pharmaceuticals on September 2, 2105 signed an agreement to acquire Synergetics USA Inc, a surgery product manufacturer, for about $192 million. The transaction is expected to close in the fourth quarter of 2015 and is subject to customary closing conditions and regulatory approvals. The acquisition of Synergetics is expected to give a boost to the business of Bausch & Lomb, which Valeant had acquired in August 2013, in surgeries related to retina.
"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. 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," stated J Michael Pearson, chairman and chief executive officer of Valeant.
David M Hable, president and chief executive officer of Synergetics, said, “We are pleased to reach an agreement with Valeant, which is a logical partner to maximise our company's growth opportunities and, importantly, this agreement creates immediate and compelling value for our shareholders. 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."
