September 2, 2015 / 1:06 PM / in 3 years

Valeant to buy ophthalmic surgical device maker Synergetics

(Reuters) - Canada’s Valeant Pharmaceuticals International Inc VRX.TO VRX.N agreed to buy surgical device maker Synergetics USA Inc SURG.O, its eighth acquisition this year.

The company logo of Valeant Pharmaceuticals International Inc is seen at its headquarters in Laval, Quebec May 19, 2015. REUTERS/Christinne Muschi

Valent said on Wednesday it would commence a tender offer to acquire all outstanding shares of Synergetics for $6.50 per share, a premium of 48 percent to Synergetics’ Tuesday close on the Nasdaq.

Shares of Synergetics, which makes surgical devices for ophthalmology and neurosurgery, were trading at $6.68 before the bell.

At $6.50, the offer was worth about $166 million based on Synergetics’ diluted outstanding shares as of April 30.

The acquisition, which is expected to close in the fourth quarter, is aimed at expanding the Bausch + Lomb’s business, the company said. Valeant bought the company for $8.7 billion in 2013.

The Synergetics offer comes less than two weeks after Valeant bought Sprout Pharmaceuticals, which makes a controversial new drug to treat low sexual desire in women, for about $1 billion.

Synergetics shareholders will receive additional cash payments of up to $1 per share if certain sales milestones are reached after the transaction closes, Valeant said.

Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj Kalluvila

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