Canada’s Valeant agrees to acquire Synergetics USA for $192m

3 September 2015 (Last Updated September 3rd, 2015 18:30)

Canada-based Valeant Pharmaceuticals International, through its affiliate, has signed an agreement to acquire Synergetics USA, for $192m.

Canada-based Valeant Pharmaceuticals International, through its affiliate, has signed an agreement to acquire Synergetics USA, for $192m.

Synergetics, which supplies precision surgical devices, will mainly focus on the surgical disciplines of ophthalmology and neurosurgery.

Under the deal, Valeant will buy all outstanding shares of Synergetics' common stock for $6.50 per share that could be valued at $166.2m.

"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."

The deal will also enable Synergetics to receive up to $1 per share that is worth $25.6m, if specified sales thresholds are achieved.

Valeant chairman 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.

"We are committed to delivering a valuable and broad array of surgical devices and instruments to serve the needs of the surgical retina community and their patients."

Synergetics produces products such as precision engineered, disposable and reusable devices, as well as procedural kits.

The company 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.

The company delivers simultaneous infusion (irrigation) of fluids into the operative field.

Synergetics president David Hable said: "We are pleased to reach an agreement with Valeant, which is a logical partner to maximise our company's growth opportunities and, importantly, this agreement creates immediate and compelling value for our shareholders.

"The combined strengths of both companies will expand the breadth of our offerings and create a more effective competitor that is better able to meet our customers' needs in the ophthalmology and neurosurgery markets."

The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to be completed in the fourth quarter of this year.