Valeant Pharmaceuticals International has completed the acquisition of precision surgical devices supplier Synergetics USA, for $192m.
Valeant’s indirect wholly-owned subsidiary Blue Subsidiary signed the deal in September and received antitrust clearance from the US Federal Trade Commission earlier this month.
Synergetics USA is primarily involved in developing surgical applications for ophthalmology and neurosurgery. Its product lines include precision engineered, disposable and reusable devices, and procedural kits.
Under the deal, Valeant purchased all outstanding shares of Synergetics’ common stock for $6.50 per share in cash worth $166.2m.
Synergetics is eligible to secure up to $1 per share, totalling $25.6m, if certain sales targets are achieved.
The company produces products such as VersaVIT 2.0 vitrectomy system that enable staff to focus more time on the surgeon and patient.
It also provides several 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.
Valeant develops and markets pharmaceutical products and medical devices in the areas of dermatology, gastrointestinal disorder, eye health, neurology and branded generics.
Image: The deal was signed in September. Photo: courtesy of scottchan/ FreeDigitalPhotos.net.