Valeant Withdraws Bid for ISTA Acquisition
Valeant Pharmaceuticals announced Monday that the company has withdrawn its offer to acquire ISTA Pharmaceuticals.
Canadian drugmaker Valeant Pharmaceuticals announced Monday that the company has withdrawn its offer to acquire ISTA Pharmaceuticals, a Californian manufacturer of ophthalmic pharmaceuticals and allergy drugs for $7.50 per share in cash.
Michael Pearson, chief executive of Valeant Pharmaceuticals, said the firm was not interested in participating in "a lengthy evaluation process" and was disappointed that the ISTA team was not willing to explore the proposal fully by 31 January. Valeant said in December that the offer would only remain open until 31 January.
"We continue to be disciplined on our M&A strategy and we are actively working on other opportunities that we believe can create value for our shareholders," he added.
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