Under the agreement, which was unanimously approved by Largo, Fla.-based Unilens’ board of directors, a wholly-owned subsidiary of Valeant will acquire Unilens for $12.75 per share in cash.
“We are very pleased to sign a definitive agreement with Valeant, which creates immediate value for our stockholders. The combination of Unilens’ world class technology and its leading customized lens business with Valeant will create a strong portfolio of products enhancing our commitment to providing the best possible visual outcomes throughout the optical industry. In the coming months we will be working closely with the Valeant team to ensure a smooth transition,” CEO Michael Pecora said in a press release.
The acquisition is slated to close September 1, with Unilens planning a special stockholder meeting to cover the merger in the second half of August 2015, the company said.
Unilens’ C-Vue contact lenses will continue to be marketed and sold to practitioners, the company said.
Last November, Actavis (NYSE:ACT) trumped Valeant and Square Capital’s offer to buy botox-maker Allergan by $12 billion, paying over $70 billion for the company.