After spurning repeated offers from Valeant, ISTA Pharmaceuticals has agreed to be acquired by Bausch + Lomb for $9.10 per share in cash, a total of about $500 million. Valeant had offered $7.50 per share. In addition to its eyecare products, ISTA has been developing two bepotastine nasal sprays for allergic rhinitis, one a single therapy product and the other a combination of bepotastine and a steroid. Both nasal sprays are in Phase 2 development.
Bausch + Lomb President and CEO Brent Saunders made no specific mention of the nasal sprays in his comments: “ISTA is an excellent strategic fit with Bausch + Lomb’s rapidly growing pharmaceutical business, and this combination represents an important step in Bausch + Lomb’s commitment to becoming the best global eye health company. Because Bausch + Lomb already manufactures nearly all of ISTA’s current US products, our companies have known each other well for many years. We share a strong overlapping customer base in the US, a commitment to serving our physicians and patients and a track record of developing meaningful medical advances in eye health. With this combination, we will significantly enhance our pharmaceutical pipeline, nearly doubling the number of mid- to late-stage innovations. We look forward to delivering the benefits of this combination to customers, patients, employees and partners of both companies.”
ISTA Pharmaceuticals President and CEO Vicente Anido, Jr. added, “With the rest of our Board of Directors, I am pleased that the tremendous assets ISTA’s people have created with our products and pipeline have been recognized by Bausch + Lomb, a global leader in eye health, and that we were able to finalize a transaction after a thorough process that delivers shareholders an important return on their investment in ISTA. Both companies have a significant commitment to serving the needs of the healthcare industry, eye care professionals and patients alike. ISTA’s portfolio of prescription eye and allergy products is a natural extension of Bausch + Lomb’s pharmaceutical business focus. Together, we create an impressive platform to commercialize new eye care and allergy products already under development.”
According to Bausch + Lomb’s website, it is currently producing 5 nasal sprays at its contract manufacturing facility in Tampa, Florida.
Read the ISTA and Bausch + Lomb press release.
