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Allergan, based in Irvine, Calif., had about $2.7 billion in revenue last year, from its Refresh artificial tears and prescription drugs including Restasis for dry eyes and two medicines for treating glaucoma and excessive fluid pressure within the eye. After the deal closes, Saunders will become an adviser to Valeant to help with integrating Bausch + Lomb. Other senior Bausch + Lomb executives will join Valeant as well. The $8.7 billion purchase price is about 2 1/2 times the 2012 revenue of $3.55 billion reported by Valeant, which specializes in dermatology medicines. It also sells a range of brand-name and generic drugs, as well as nonprescription medicines. Valeant's CEO, J. Michael Pearson, said in a statement that the deal will make his company a world leader in both eye health and dermatology. "Bausch + Lomb's world-renowned brand, comprehensive portfolio of leading eye care products and promising late-stage pipeline are an ideal strategic fit for our current ophthalmology business," Pearson said. Bausch + Lomb had been taken private in 2007, when New York-based Warburg Pincus bought the struggling company for $3.67 billion. That happened after Bausch + Lomb had to recall its ReNu with MoistureLoc contact lens solution because it had been linked to dangerous fungal infections. Bausch + Lomb then paid out about $250 million to settle more than 600 lawsuits blaming the MoistureLoc solution for a potentially blinding infection of the cornea, the clear membrane over the pupil and the colored part of the eye. Bausch + Lomb has since worked to rebuild, most recently with a series of acquisitions. Last year, it narrowed its net loss to $68.3 million from $123.9 million in 2011. Revenue rose to $3.04 billion in 2012 from $2.85 billion. Two months ago, the company said it expected to go public again. Valeant has about 7,500 employees worldwide, while Bausch + Lomb has more than 11,000. The companies did not indicate whether the combination will result in job cuts.
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