Under the deal, Valeant will purchase all of the outstanding common stock of Unilens Vision for 12.75 per share in cash.

The acquired business will expand Valeant’s specialty contact lens business and allows the firm to offer a complete line of specialty lens products to the eye care professionals.

Unilens president and CEO Michael Pecora said: "We are very pleased to sign a definitive agreement with Valeant, which creates immediate value for our stockholders.

"The combination of Unilens’ world class technology and its leading customized lens business with Valeant will create a strong portfolio of products enhancing our commitment to providing the best possible visual outcomes throughout the optical industry."

Founded in 1989, Unilens Vision develops, licenses, manufactures, distributes and markets contact lenses for independent eye care professionals.

The company includes subsidiaries Unilens Corp., USA and Unilens Vision Sciences and markets contact lenses mainly under the C-Vue brand.

Subject to stockholder approval and customary closing conditions, the deal is expected to complete by September this year.