Valeant Pulls Offer to Buy ISTA Pharmaceuticals

As a result of what Valeant Pharmaceuticals International Inc. (NYSE:VRX, TSX:VRX) called “a lack of progress,” Valeant has withdrawn its offer to buy ISTA Pharmaceuticals Inc. (NASDAQ:ISTA) for $7.50 a share in cash.

Valeant had been aggressive in its efforts to acquire California-based ISTA, increasing the offer from $6.50 to $7.50 earlier this month and stating that the offer could go as high as $8.50 based upon certain due diligence. Valeant brought the buyout attempt public on December 16, 2011 after a number of attempts to enter negotiations. ISTA had said that the original proposal was “grossly inadequate.”

“We were not interested in participating in a lengthy evaluation process and we are disappointed that the ISTA team was not willing to fully explore our proposal by January 31,” said Valeant Chief Executive Michael Pearson in a statement.

Valeant was looking to add ISTA to a quickly-growing list of their acquisitions. Last year, the company bought PharmaSwiss for $481 million in February; Lithuania’s Sanitas for $422 million in May; the dermatology departments of Sanofi ($425 million) and Janssen ($345 million) in July; and Australia’s iNova for $688 million in November. Valeant also boosted its holdings in Afexa LifeSciences to 73.8 percent in October.

Valeant Pharmaceuticals (VRX) Stock Quote and News:

ISTA Pharmaceuticals (ISTA) Stock Quote and News:

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