Valeant pays $8.7 billion for Bausch & Lomb

By Mark Thompson @MarkThompsonCNN May 27, 2013: 9:41 AM ET
LONDON (CNNMoney)
Investment bankers are working weekends again.

A week after a flurry of deals, Valeant Pharmaceuticals said Monday it was buying eye care specialist Bausch & Lomb from private equity firm Warburg Pincus.


Canada's largest drugmaker said the deal was worth $8.7 billion -- Warburg Pincus would receive $4.5 billion, and $4.2 billion would be used to repay outstanding debt at the Rochester, N.Y.-based company.
Valeant (VRX)said it was looking to take advantage of growing global demand for eye-care solutions generated by an aging population, rising rates of diabetes and new markets in emerging economies.
It's the second big pharmaceutical acquisition in a week. Last Monday, Actavis (ACT)said it planned to buy Warner Chilcott (WCRX)in a deal worth $8.5 billion.
Bausch & Lomb, which began life as a small optical shop in 1853, now employs more than 12,000 people worldwide providing contact lenses, treatments for eye conditions such as glaucoma, and surgical instruments in more than 100 countries.
http://money.cnn.com/2013/05/27/investing/bausch-lomb-valeant/