Bausch & Lomb said it agreed to purchase Ista Pharmaceuticals Inc f or about $500 million in cash to broaden its portfolio of eye health products.The purchase price of $9.10 represents a 9 percent premium to Ista's Monday close.The deal comes close on the heels of Canadian drug maker Valeant Pharmaceuticals' failed attempt to buy Ista, despite a sweetened bid. Valeant finally gave up its pursuit of Ista in January, citing a lack of progress in talks.Bausch & Lomb, a veteran in the eye healthcare space, said the acquisition would be a strategic fit and that it would add to earnings before interest, tax, depreciation and amortization in the first year after closing of the deal.
ISTA Pharmaceuticals, Inc. (ISTA) is a commercial-stage, multi-specialty pharmaceutical company. Shares of ISTA traded higher by 0.96% or $0.08/share to $8.38. In the past year, the shares have traded as low as $2.88 and as high as $11.39. On average, 426907 shares of ISTA exchange hands on a given day and today's volume is recorded at 525262.
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