Bausch + Lomb has announced it will acquire ISTA Pharmaceuticals for approximately $500 million, according to a news release.
ISTA Pharmaceuticals is one of the largest branded prescription eye care businesses in the United States and features an emerging allergy drug franchise. ISTA currently markets four products, including treatments for ocular inflammation and pain post-cataract surgery, glaucoma and ocular itching associated with allergic conjunctivitis.
"ISTA is an excellent strategic fit with Bausch + Lomb's rapidly growing pharmaceutical business, and this combination represents an important step in Bausch + Lomb's commitment to becoming the best global eye health company," said Brent Saunders, president and CEO of Bausch + Lomb, in the release. "With this combination, we will significantly enhance our pharmaceutical pipeline, nearly doubling the number of mid- to late-stage innovations. We look forward to delivering the benefits of this combination to customers, patients, employees and partners of both companies."
The transaction is expected to close in the second quarter of 2012.
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