Valeant Pharmaceuticals International, through its affiliate, has signed an agreement to acquire Synergetics USA, for around $192m.
Synergetics, which supplies precision surgical devices, will mainly focus on the surgical disciplines of ophthalmology and neurosurgery.
As part of the deal, Valeant will purchase all outstanding shares of Synergetics’ common stock for $6.50 per share that could be valued at $166.2m.
The deal will also allow Synergetics to receive up to $1.00 per share that is worth about $25.6m, if specified sales thresholds are achieved.
Valeant chairman and CEO Michael Pearson said: "The addition of Synergetics’ portfolio of instruments and devices will further enhance Bausch + Lomb’s presence around the world in the rapidly evolving field of vitreoretinal surgery."
Synergetics produces products including precision engineered, disposable and reusable devices, as well as procedural kits.
The firm also focuses on the delivery of various energy modalities for the performance of less invasive surgery, including laser energy, ultrasonic energy, radio frequency for electrosurgery and lesion generation and visible light energy for illumination, as well as simultaneous infusion (irrigation) of fluids into the operative field.
Synergetics president and CEO David Hable said: "We are pleased to reach an agreement with Valeant, which is a logical partner to maximize our Company’s growth opportunities and, importantly, this agreement creates immediate and compelling value for our shareholders."
Subject to customary closing conditions and regulatory approvals, the deal is expected to be completed in the fourth quarter of this year.
Image: Valeant to acquire precision surgical devices maker Synergetics USA. Photo: courtesy of stockimages/ FreeDigitalPhotos.net.