Valeant To Buy Synergetics For $6.50 Per Share In Cash

(RTTNews) - Valeant Pharmaceuticals International (VRX, VRX.TO) Wednesday said its affiliate has entered into a definitive agreement for Valeant to acquire Synergetics USA, Inc. (SURG) for $6.50 per share in cash. The transaction is expected to close in the fourth quarter of 2015.

Synergetics stockholders will also receive additional cash payments of up to $1.00 per share if specified sales milestones are achieved after closing.

Valeant will commence a tender offer to acquire all outstanding shares of Synergetics' common stock for $6.50 per share in cash plus one contingent value right entitling the stockholder to receive up to $1.00 per share if specified sales thresholds for Synergetics are achieved following the closing.

Michael Pearson, chairman and CEO of Valeant, said, "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."