March 26, 2012
Ista Pharmaceuticals Inc., the Irvine maker of eye medications that fought off a hostile takeover bid this year, agreed to be bought by Bausch & Lomb Inc. for $500 million. Bausch will pay $9.10 a share in cash for Ista, and the deal should close in the second quarter, the companies said Monday. The bid from the Rochester, N.Y., eye-care company, owned by Warburg Pincus, is 8.6% higher than Monday's closing price for Ista of $8.38 a share. Ista, which sells Istalol for intraocular pressure and Bromday for issues associated with cataract extraction, rebuffed a $327-million hostile bid by Valeant Pharmaceuticals International Inc., calling it "grossly inadequate.