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Bausch and Lomb and Valeant Pharmaceuticals have officially announced a nearly $9 billion deal for Valeant to acquire the Rochester-based eye care company. Valeant is a Canadian drug and medical supply company based in Montreal.
Under the definitive agreement, Valeant will pay $8.7 billion in cash for Bausch and Lomb. Of that, approximately $4.5 billion will go to an investor group led by Warburg Pincus, and about $4.2 billion will be used to repay Bausch and Lomb's outstanding debt.
According to the release, Bausch and Lomb will retain its name and become a division of Valeant. Valeantís existing ophthalmology businesses will be integrated into the Bausch and Lomb division.
Bausch and Lomb said its CEO Brent Saunders will join Valeant in an advisory role to help in the transition. Bausch's chairman of the board and some other executives will also join Valeant's management team. There's no word on how other Bausch + Lomb employees will be impacted.
The agreement was unanimously approved by the Board of Directors from both companies.
The transaction is expected to close in the third quarter.