BioCentury
ARTICLE | Company News

Ista, Valeant Pharmaceuticals deal

January 23, 2012 8:00 AM UTC

Valeant increased its unsolicited offer to acquire ophthalmic company Ista to $7.50 per share from $6.50. The new price is a 93% premium to Ista's close of $3.89 on Dec. 15, 2011, the day before the initial offer was made public. Valeant added it could potentially raise the offer to $8.50 per share if Ista provides confirmatory due diligence that supports the higher price. Valeant said the acquisition proposal will remain open until Jan. 31 (see BioCentury, Dec. 19, 2011).

Ista said in a statement that it will consider the revised offer as part of its ongoing review of strategic options. Ista added that it is in dialogue with a number of parties that have expressed an interest in pursuing a strategic transaction. ...