Canadian drugmaker Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) Monday said it plans to raise about $1.75 billion through a share offering, in order to fund the acquisition of eyecare company Bausch + Lomb Holdings Inc.
The company also intends to grant the underwriters an option to purchase additional shares equal to up to 15 percent of the shares initially sold.
Last month, Valeant agreed to acquire Bausch + Lomb Holdings for $8.7 billion in cash, intending to strengthen its position in the growing eyecare market. Bausch & Lomb is owned by private-equity firm Warburg Pincus LLC.
Valeant intends to use proceeds from the offering, together with debt financing, to fund the Bausch + Lomb Holdings acquisition, pay the fees and expenses related to the deal and repay Bausch + Lomb's debt.
Goldman, Sachs & Co. will act as sole manager of the offering outside of Canada and Goldman Sachs Canada Inc. will act as manager in Canada.
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