Valeant Pharmaceuticals to acquire Bausch and Lomb
Posted at: 05/27/2013 9:41 AM | Updated at: 05/27/2013 11:23 PM
There was a major announcement on Monday involving one of Rochester's biggest companies. Bausch and Lomb has finally reached a deal to sell the company.
The buyer, Valeant Pharmaceuticals International, is a Canadian-based pharmaceutical company.
The company says that Valeant Pharmaceuticals will pay $8.7 billion to acquire Bausch and Lomb.
About half of that $8.7 billion will go towards an investor group led by owner Warburg Pincus, and the rest will go to pay the company's outstanding debt.
Officials say that Bausch and Lomb will keep its name and become a division of Valeant Pharmaceuticals.
Experts believe the new deal will help cement the combined business as one of the global leaders in eye care.
"We do expect to see a modest amount of job loss at the very top. Anytime you see two companies of similar size merging, you can expect some overlap in headquarters operations and senior management. But for the most part, we expect the jobs at Bausch to be safe, and in fact if Valeant can invest more capital and expand Bausch & Lomb, perhaps there will actually be more jobs in Rochester, not fewer,” said George Conboy, President of Brighton Securities.
News10NBC is told the deal should be completed by the third quarter.