Valeant withdraws offer for ISTA

Mississauga, Ontario, and Irvine, CA-Valeant Pharmaceuticals International has withdrawn its offer to acquire ISTA Pharmaceuticals for $7.50 per share in cash.

“As we stated last December, we were not interested in participating in a lengthy evaluation process, and we are disappointed that the ISTA team was not willing to explore our proposal fully by Jan. 31,” said J. Michael Pearson, Valeant’s chairman and chief executive officer. “We continue to be disciplined on our merger and acquisition strategy, and we are actively working on other opportunities that we believe can create value for our shareholders. We wish the ISTA team well in their future endeavors.”

In response, the board of directors of ISTA issued a press release reiterating its commitment to maximizing shareholder value and stating that the company will continue its previously announced review of strategic options.

“ISTA's review of its strategic options, which the company publicly announced on Dec. 16, 2011, is advancing expeditiously and in a manner consistent with the board's fiduciary responsibilities,” the press release stated. “ISTA is currently in dialogue with a number of parties that have expressed an interest in pursuing a strategic transaction and remains committed to maximizing shareholder value.”

Vicente Anido Jr., PhD, ISTA’s president and chief executive officer, said, “While we continue to make excellent progress and are pleased with the level of interest generated to date, it will take time to complete a thorough and thoughtful review [of strategic options].”

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