Valeant Pharmaceuticals, a Canada-based pharmaceutical firm, has closed the purchase of Bausch + Lomb Holdings, a US-based manufacturer of eye health products.
The acquisition is part of Valeant's aim to take advantage of the growing demand for eye health products in emerging markets.
With the closure of the deal, Bausch + Lomb will now retain its brand name and become a division of Valeant, while the ophthalmology businesses of Valeant will be combined with the Bausch + Lomb unit.
Valeant paid around $4.5bn in cash to an investor group led by US-based private equity firm Warburg Pincus and about $4.2bn to repay Bausch + Lomb's outstanding debt.
Valent entered into a definitive agreement to acquire Bausch + Lomb Holdings for $8.7bn in May.
Valeant chairman and CEO J Michael Pearson had then noted that the acquisition would transform Valeant into a global leader in eye health.
"Bausch + Lomb's world-renowned brand, comprehensive portfolio of leading eye care products, and promising late stage pipeline are an ideal strategic fit for our current ophthalmology business and we are strongly committed to continuing to build a sustainable eye health business," Pearson said.
"With this transaction, Valeant will be a worldwide leader in both dermatology and eye health."
Bausch + Lomb CEO Brent Saunders added: "I am confident that under their stewardship, the Bausch + Lomb brand will continue to stand for excellence and innovation in eye health."
Bausch + Lomb provides eye health products, including prescription and OTC brands Besivance, Lotemax, Ocuvite and PreserVision; vision care brands Biotrue ONEday, PureVision, renu and Boston; and surgical brands enVista, Storz, Stellaris and VICTUS.
Image: Bausch + Lomb headquarters in New York. Photo: courtesy of Daniel Penfield.