UPDATE: Valeant Pharmaceuticals Increases Proposed Price for Acquisition of ISTA Pharmaceuticals Inc. to $7.50 Per Share in Cash
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) today announced that it has increased from $6.50 to $7.50 per share in cash the proposed price of its previously announced offer to acquire ISTA Pharmaceuticals Inc. (Nasdaq: ISTA). Valeant also communicated to ISTA that Valeant believed that it could achieve a price of up to $8.50 per share, assuming that ISTA provides it selected confirmatory due diligence related to the company that is consistent with what Valeant expects to see. Valeant reaffirmed that its proposal would only remain open until January 31, 2012. A copy of a letter from Valeant to the Board of Directors of ISTA is attached to this press release.
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