Canada-based Valeant Pharmaceuticals International has completed the acquisition of precision surgical devices supplier Synergetics USA for $192m.
Valeant’s affiliate Blue Subsidiary signed the deal in September and received antitrust clearance from US Federal Trade Commission earlier this month.
Synergetics USA is primarily involved in developing surgical applications for ophthalmology and neurosurgery and its product lines include precision engineered, disposable and reusable devices, as well as procedural kits.
Under the deal, Valeant acquired all outstanding shares of Synergetics’ common stock for $6.50 per share in cash worth $166.2m.
In addition, Synergetics is eligible to receive up to $1 per share, totalling $25.6m, if certain sales targets are achieved.
Synergetics’ products include VersaVIT 2.0 vitrectomy system that allows staff to focus more time on the surgeon and patient.
The company also provides energy modalities such as laser energy, ultrasonic energy radio frequency for electrosurgery, lesion generation, and visible light energy for less invasive surgery.
Its other products include Directional II laser probe, which can remain straight when entering the eye and eliminates the risk of breaking the natural lens, while enabling surgeons to work around the posterior pole during laser treatment.
In this transaction, William Blair & Company acted as the financial advisor and Armstrong Teasdale acted as legal advisor to Synergetics, while Skadden, Arps, Slate, Meagher & Flom acted as legal advisor to Valeant.
Valeant develops and markets pharmaceutical products and medical devices in the areas of dermatology, gastrointestinal disorder, eye health, neurology and branded generics.