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Valeant Pharmaceuticals International Inc. said Monday it has issued $2.3 billion worth of new shares. Net proceeds from the sale of the new shares are to help pay for its acquisition of Bausch & Lomb Inc., Valeant said in regulatory filings.
The stock issue includes 23.5 million shares priced at $85 each, and 3.5 million shares at the same price for the deal’s underwriter, Goldman Sachs & Co.
To complete the eye-care company acquisition, Montreal-based Valeant plans to pay Bausch & Lomb shareholders some $4.5 billion in cash and assume roughly $4.2 billion in Bausch & Lomb debt. The Canadian firm previously announced plans to borrow $7.2 billion in term loans and through bond offerings to finance the deal.
“This transaction will add to the company a leading global eye health company with an iconic brand, another strong specialty platform, an attractive late stage pipeline and an expanded footprint across high-growth emerging markets (such as China, Brazil, the Middle East, South Korea, Russia, Poland and Turkey), which represented approximately 25 percent of B&L’s 2012 net sales,” Valeant said in a June 10 Securities and Exchange Commission filing describing the new share issue.
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