Boston, MA 05/28/2013 (wallstreetpr) – In Friday’s trading session, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) rose by 13.12%. It opened at $74.30 per share, touched an intraday high of $87.50 and dropped down to close at $73.25 per share. More than 10.38 million shares were traded in Friday’s trading session. This number stood above the average volume of 1.55 million that was measured over a 30-day period.
On Friday, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and the global eye health company, Bausch + Lomb Holdings Incorporated, announced that they have now entered into a definitive agreement. Under this agreement, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) will acquire Bausch + Lomb for an amount of $8.7 billion in cash. Under the agreement terms, the Board’s of both these companies, unanimously approved that Valeant will pay an aggregate consideration of cash of $8.7 billion.
Of this amount, approximately $4.5 billion will be going to an investor group that is led by Warburg Pincus and around $4.2 billion will be utilized to repay the outstanding debt that Bausch + Lomb currently has. Valeant Pharmaceuticals Intl Inc (NYSE:VRX) expects to achieve at minimum of $800 million in annual cost savings by 2014 end. Bausch + Lomb expects to have revenues of around $3.3 billion and a 2013, adjusted EBITDA of around $720 million. This transaction is expected to be accretive immediately to Valeant Pharmaceuticals Intl Inc (NYSE:VRX) cash earnings per share.
Valeant was formerly Biovail Corporation. It is a specialty multinational, pharma company that is involved in developing, manufacturing and marketing a variety of pharmaceutical products.
