(MENAFN- ProactiveInvestors) Canadian pharmaceuticals giant Valeant Pharmaceuticals (NYSE:VRX ) has launched an agreed US$110mln bid for US rival Synergetics (NASDAQ:SURG).
The board of Synergetics a provider of precision surgical devices is recommending acceptance of a US$6.50 cash offer from Valeant in addition to which cash payments of up to a dollar may be paid if certain milestones are met.
Shares in Synergetics soared more than 50% to US$6.625 on the news.
"The combined strengths of both companies will expand the breadth of our offerings and create a more effective competitor that is better able to meet our customers' needs in the ophthalmology and neurosurgery markets" said David Hable Valeant's president and chief executive officer.
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