Drugmaker Valeant to buy Bausch + Lomb for $11 billion
ROCHESTER (AP) - Canadian drugmaker Valeant Pharmaceuticals said on Monday that it will pay US$8.7 billion (S$11 billion) to buy Bausch + Lomb, one of the world's best-known makers of contact lenses, in a massive expansion of Valeant's smaller ophthalmology business.
Valeant said the cash deal will help it capitalise on increasing demand for contact lenses and other products because of aging populations, growing demand in emerging markets and increasing rates of diabetes. Complications of the complex blood sugar disorder can damage the eyes over time.
Investment firm Warburg Pincus, which leads an investment group that owns Bausch + Lomb, will receive US$4.5 billion in cash.
The remaining US$4.2 billion will be used to repay Bausch + Lomb's debt.