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Valeant Boosts Bid for ISTA Pharmaceuticals to US$7.50 Per Share From $6.50

From Canadian Press DataFile (January 17, 2012)

MISSISSAUGA, Ont. _ Valeant Pharmaceuticals International Inc. (TSX:VRX) is sweetening its hostile bid for Irvine, Calif.,-based ISTA Pharmaceuticals Inc.

Valeant's new offer raises its earlier bid by a dollar to US$7.50 per share.

And the Mississauga, Ont.,-based pharmaceutical company says it might pay even more, up to US$8.50 a share, if ISTA agrees to a week-long period of due diligence.

Valeant has been pursuing ISTA for months, but the target company says it is in talks with a number of parties that have expressed interest in pursuing a transaction.

Valeant is focused on neurology and dermatology with operations primarily in Canada, the United States, Mexico, Brazil, central and eastern Europe and Australia.

ISTA operates the third-largest branded prescription eye care business in the United States.

Posted: January 2012