Breaking News
FONT-SIZE Plus   Neg
Share SHARE

ISTA To Consider Revised Offer From Valeant - Update

Eye-disease drug developer ISTA Pharmaceuticals, Inc. (ISTA: Quote) Tuesday said it has received a revised non-binding proposal from Valeant Pharmaceuticals (VRX: Quote,VRX.TO: Quote) to acquire the company and would consider the updated proposal as part of its ongoing review of strategic options.

On December 16, 2011, ISTA had rejected a $6.50 per share hostile, non-binding bid made by Valeant, stating the offer undervalues the company and it sees a bright future, owing to its robust drug portfolio and a healthy pipeline.

In a meeting last week, Valeant raised its initial proposal to $7.50 per share in cash and set a target price of $8.50 per share in cash, subject to one week of due diligence. Valeant on Monday sent a letter to ISTA, confirming its increased non-binding proposal, which ISTA said included several inaccuracies about ISTA's process and the discussions between the two companies.

ISTA said its process for review of strategic options is advancing as planned in an expeditious manner. As part of the strategic review process revealed on December 16, 2011, ISTA is currently in talks with some parties interested in a strategic transaction.

The company said Valeant has not executed a confidentiality agreement and that if it chooses to execute a confidentiality agreement as other parties have done, ISTA would provide it the same non-public information provided to other parties.

Vicente Anido, Jr., President and Chief Executive Officer of ISTA, said, "Valeant has and continues to be offered the same confidentiality agreement, with no standstill provision, as all the other participants in our process and is subject to the same timeline...We do not think it is in the shareholders' best interest to abort our process to accommodate Valeant's artificially short timetable."

Greenhill & Co. is acting as financial advisor to ISTA. Stradling Yocca Carlson & Rauth and WilmerHale LLP are its legal advisors.

ISTA closed Friday at $7.27, down $0.09 or 1.22 percent, on 238,367 shares.

VRX settled lower by $0.19 at $48.19 on a volume of 2.19 million shares.

Register
To receive FREE breaking news email alerts for Ista Pharmaceuticals Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
With trading resuming following the long, holiday weekend, stocks showed a lack of direction throughout the trading session on Tuesday before ending the day mixed. The markets largely held on to the bulk of their recent gains. The Islamic State (IS), a Sunni extremist group previously known as Islamic State of Iraq and the Levant (ISIL), has released a video purporting to show the beheading of US journalist Steven Sotloff, media reports said Tuesday. According to reports, the video also showed a masked man threatening to execute a British man named David Haines. He also warned governments to stay away "this evil allian Less than a month after resigning from Congress, former House Majority Leader Eric Cantor, R-Virg., has made the move from Washington to Wall Street by joining boutique investment bank Moelis & Co. A statement from Moelis said Cantor will serve as Vice Chairman and Managing Director and also be elected to the company's Board of Directors.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.