◎Valeantがボシュロムを87億ドルで買収

AsiaNet 53166

共同JBN 0618 （2013.5.28）

【ラバル（カナダ・ケベック州）、ロチェスター（米ニューヨーク州）2013年5月27日PRN＝共同JBN】Valeant Pharmaceuticals International, Inc.（NYSE: VRX）（TSX: VRX）と世界的なアイヘルス企業のボシュロム（Bausch+Lomb Holdings Incorporated）は27日、Valeantがボシュロムを現金87億ドルで買収する最終合意に達したと発表した。

　（Logo: http://photos.prnewswire.com/prnh/20121221/MM34011LOGO）

　（Logo: http://photos.prnewswire.com/prnh/20130527/NY20994LOGO）

ボシュロムは、製薬（処方薬ブランド、ジェネリック、店頭販売（OTC）を含む）、視力ケア（コンタクトレンズとソリューション）、手術（眼内レンズ、手術用機器）の3つの分野で事業展開する世界的な大手アイヘルス企業である。ボシュロムは、Besivance、Lotemax、Ocuvite、PreserVisionなどよく知られた処方薬とOTCブランド、Biotrue ONEday、 PureVision、renu、Bostonなど視力ケア・ブランド、enVista、Storz、Stellaris、VICTUSなど手術ブランドを含む、アイヘルス製品の幅広いポートフォリオを保有している。

両社取締役会が全会一致で承認した今回の合意によると、Valeantは総額87億ドルを現金で支払い、その内45億ドルがWarburg Pincusが率いる投資家グループに支払われ、42億ドルがボシュロムの未払い負債の返済に充当される。Valeantは2014年までに少なくとも8億ドルの年間コスト削減を達成できると予測している。ボシュロムは33億ドルの売り上げと、約7億2000万ドルの調整済み2013年EBITDAを達成できると予測している。今回の取引は、Valeantの一株当たりの現金収入に直ちに反映されるとみられている。2013年1月1日に取引が発生し、シナジー効果が全面的に発揮されると仮定すれば、今回の買収はValeantの予測する2013年キャッシュEPSが約40%増加する効果をもたらすことになる。

取引は借入金と約15－20億ドルの新規株式発行によって資金調達される。ValeantはGoldman Sachs Bank USAから今回の取引向けに出資する債務の確約を得ている。今後予想される株価の値上がりを考慮すると、見積もり調整済みEBITDAに対する Valeantの債務比率は約4.6倍になる。

ボシュロムは社名を残し、Valeantの一部門となる。現在のValeantの眼科事業はボシュロムの部門に統合され、2013年の純売上高が推定見積もり35億ドルの世界的なアイヘルス・プラットフォームが誕生する。今回の買収によって、Valeantは高齢化する患者層、増加する糖尿病罹患（りかん）率、新興市場の需要で促進されるアイヘルス需要の高まり傾向から利益を上げることができる。事業を統合することによって、強力な製品ポートフォリオと革新的な新製品の最終段階の流通ルートが活用できるメリットも生じる。

ValeantのJ・マイケル・ピアソン会長兼最高経営責任者（CEO）は「ボシュロムの買収を発表できることを大変うれしく思う。これによって、当社の眼科薬品、コンタクトレンズ、レンズケア製品、眼科手術機器・装置を大幅に強化し、Valeantはアイヘルスの世界リーダーに変貌することが可能となる。ボシュロムの世界的に有名なブランド、業界をリードするアイヘルス製品の総合的なポートフォリオ、さらに有望な最終段階の流通ルートは当社が現在進めている眼科事業にとって戦略上理想的に適合しており、われわれは今後も持続性のあるアイヘルス事業を構築することに全力を傾注していく」と語った。

ボシュロムのブレント・サンダースCEOは「ボシュロムはこの数年間、重大な変革を推進してきた。われわれは患者のために革新的な新製品の導入、堅ろうな流通ルートの構築、世界中のアイヘルス専門家との関係強化に努めてきた。Valeantが当社を買収したのは、当社の有能な従業員が過去数年かけてつくり出した大きな価値が認められことを示すものである。われわれ両社は、顧客に対して、革新的で高品質な製品とずばぬけたサービスの提供に共に全力を挙げてきた。Valeant管理の下でボシュロム・ブランドはアイヘルスの分野で引き続き卓越と革新性を堅持していくと確信している」と語った。

サンダース氏はボシュロムの閉鎖に伴い、シームレスな移行を支援する顧問としてValeantに加わる。またボシュロム取締役会のフレッド・ハッサン会長はValeant取締役会に加わる。さらに、ボシュロムの上級副社長で、Global Pharmaceuticals社長であるダン・ウェクスラー氏は眼科・アイヘルス担当として上級副社長と同社グループ会長としてValeantに加わる。ボシュロムの最高医療責任者であるカルビン・W・ロバーツ博士は眼科・アイヘルスを担当する最高医療責任者としてValeantに加わる。われわれはボシュロム上級管理チームがさらにValeantに加わると予測している。

今回の取引は第3四半期に締結される見通しで、通常の締結条件と規制認可に従うことになる。

Skadden、Arps、Slate、Meagher & Flom LLP、Osler、Hoskin & Harcourt LLPがValeantの顧問弁護士としてアドバイスし、ボシュロムはCleary Gottlieb Steen & Hamilton LLPからアドバイスを受けた。Goldman, Sachs & Co.とJ. P. Morgan Securities LLCが、ボシュロムの金融アドバイザーを演じた。

▽電話会議とウェブキャスト情報

Valeantは米東部時間5月28日午前8時から今回の取引について話し合う電話会議およびスライドによるプレゼンテーション付きの生中継のインターネット・ウェブキャストを開催する。今回の電話会議に参加するためのダイアルイン番号は(877) 876-8393で確認コードは77049719となる。海外からの会議参加は電話番号(973) 200-3961、確認コード77049719となる。会議リプレーは電話会議が終了した約2時間後から2013年6月28日まで利用可能である。電話会議を生中継するウェブキャストはValeantのウェブサイトhttp://www.valeant.comの投資家向け広報セクションを通じてアクセスすることができる。

▽Valeantについて

Valeant Pharmaceuticals International, Inc.（NYSE/TSX: VRX）は、主に皮膚科、神経科、後発医薬品の分野の幅広い医薬品を開発、製造、販売する多国籍の専門医薬品企業である。Valeantに関する詳細はウェブサイトhttp://www.valeant.comを参照。

▽ボシュロム（Bausch+Lomb）について

ボシュロムは有力な世界的な目の健康会社で、人々との視力の保護、強化、回復に全面的に集中している。同社の中核事業には眼科医薬品、コンタクトレンズとレンズケア製品、眼科手術機器と装置が含まれている。同社は業界で最も包括的な製品ポートフォリオの1つを世界的に開発、製造、販売しており、製品は100カ国以上で入手できる。1853年創立の同社の本社は米ニューヨーク州ロチェスターにあり、従業員は世界で1万1000人以上。

ソース：Bausch + Lomb

▽問い合わせ先

報道関係者：

Sard Verbinnen & Co,

Jonathan Doorley / Meghan Gavigan,

212-687-8080,

jdoorley@sardverb.com,

Bausch + Lomb,

Adam Grossberg,

973-360-6439,

adam.grossberg@bausch.com,

投資家：

Valeant Pharmaceuticals International, Inc.,

Laurie W. Little,

949-461-6002,

laurie.little@valeant.com,

Bausch + Lomb,

Alex Kelly,

908-303-5445,

alex.kelly@bausch.com

Valeant Pharmaceuticals International, Inc. To Acquire Bausch + Lomb For $8.7 Billion

PR53166

LAVAL, Quebec and ROCHESTER, N.Y., May 27, 2013 /PRN=KYODO JBN/ --

- Will Establish Valeant as a Global Leader in Eye Health as Well as Dermatology

- Expected to Achieve Annual Cost Savings of at Least $800 Million

- Immediately Accretive to Valeant's Cash EPS

- Pro Forma for full year 2013, ~40% Accretive to Valeant's Cash EPS

Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) and Bausch +

Lomb Holdings Incorporated, the global eye health company, today announced that

they have entered into a definitive agreement under which Valeant will acquire

Bausch + Lomb for $8.7 billion in cash.

(Logo: http://photos.prnewswire.com/prnh/20121221/MM34011LOGO)

(Logo: http://photos.prnewswire.com/prnh/20130527/NY20994LOGO)

Bausch + Lomb is a leading global eye health company that operates in three

segments: Pharmaceutical (including prescription brands, generics and

over-the-counter (OTC)), Vision Care (contact lenses and solutions), and

Surgical (intraocular lenses and surgical equipment). Bausch + Lomb has a broad

portfolio of eye health products, including well-known prescription and OTC

brands Besivance, Lotemax, Ocuvite and PreserVision; vision care brands Biotrue

ONEday, PureVision, renu and Boston; and surgical brands enVista, Storz,

Stellaris and VICTUS.

Under terms of the agreement, which was unanimously approved by the Board of

Directors of both companies, Valeant will pay aggregate consideration of $8.7

billion in cash, of which approximately $4.5 billion will go to an investor

group led by Warburg Pincus and approximately $4.2 billion will be used to

repay Bausch + Lomb's outstanding debt. Valeant expects to achieve at least

$800 million in annual cost savings by end of 2014. Bausch + Lomb's expects to

have revenues of approximately $3.3 billion and adjusted EBITDA in 2013 of

approximately $720 million. The transaction is expected to be immediately

accretive to Valeant's cash earnings per share. Assuming the transaction

occurred on January 1, 2013 and assuming the full realization of synergies, the

acquisition would have been approximately 40% accretive to Valeant's expected

2013 Cash EPS.

The transaction will be financed with debt and approximately $1.5 - $2.0

billion of new equity. Valeant has secured fully committed debt financing for

the transaction from Goldman Sachs Bank USA. Taking into account the

anticipated equity raise, Valeant's debt to pro forma adjusted EBITDA ratio

will be approximately 4.6 times.

Bausch + Lomb will retain its name and become a division of Valeant. Valeant's

existing ophthalmology businesses will be integrated into the Bausch + Lomb

division, creating a global eye health platform with estimated pro forma 2013

net revenue of more than $3.5 billion. The acquisition positions Valeant to

capitalize on growing eye health trends driven by an aging patient population,

an increased rate of diabetes and demand from emerging markets. The combined

business will also benefit from access to a strong product portfolio and a late

stage pipeline of innovative, new products.

Valeant's Chairman and Chief Executive Officer, J. Michael Pearson, said, "We

are excited to announce the acquisition of Bausch + Lomb, which will transform

Valeant into a global leader in eye health by significantly strengthening our

capabilities in ophthalmic pharmaceuticals, contact lenses and lens care

products, and ophthalmic surgical devices and instruments. 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 and we are strongly committed to continuing to build a

sustainable eye health business. With this transaction, Valeant will be a

worldwide leader in both dermatology and eye health."

Bausch + Lomb's Chief Executive Officer, Brent Saunders, said, "Bausch + Lomb

has undergone a profound transformation over the last few years. We introduced

innovative new products for patients; built a robust pipeline; expanded into

new markets; and strengthened our relationships with eye care professionals

around the world. Valeant's acquisition of our company is a testament to the

tremendous value our talented employees have created over the past several

years." Saunders continued, "Our companies have a shared commitment to

providing innovative and high quality products and exceptional service to

customers. I am confident that under their stewardship, the Bausch + Lomb brand

will continue to stand for excellence and innovation in eye health."

Following the closing, Mr. Saunders will join Valeant in an advisory role to

help ensure a seamless transition and integration and Fred Hassan, Chairman of

Bausch + Lomb's Board of Directors, will join Valeant's Board of Directors. In

addition, Dan Wechsler, Executive Vice President and President of Bausch +

Lomb's Global Pharmaceuticals, will join Valeant as Executive Vice President

and Company Group Chairman, Ophthalmology and Eye Health. Bausch + Lomb's Chief

Medical Officer Calvin W. Roberts, M.D. will also join Valeant as its Chief

Medical Officer, Ophthalmology and Eye Health. We also anticipate additional

members of the senior management team to join Valeant.

The transaction, which is expected to close in the third quarter, is subject to

customary closing conditions and regulatory approvals.

Skadden, Arps, Slate, Meagher & Flom LLP and Osler, Hoskin & Harcourt LLP

served as Valeant's legal counsel, and Bausch + Lomb was advised by Cleary

Gottlieb Steen & Hamilton LLP. Goldman, Sachs & Co. and J. P. Morgan Securities

LLC acted as financial advisors to Bausch + Lomb.

Conference Call and Webcast Information

Valeant will host a conference call and a live Internet webcast along with a

slide presentation on Tuesday, May 28, 2013 at 8:00 a.m. ET (5:00 a.m. PT), to

discuss the transaction. The dial-in number to participate on this call is

(877) 876-8393, confirmation code 77049719. International callers should dial

(973) 200-3961, confirmation code 77049719. A replay will be available

approximately two hours following the conclusion of the conference call through

June 28, 2013 and can be accessed by dialing (855) 859-2056, or (404) 537-3406,

confirmation code 77049719. The live webcast of the conference call may be

accessed through the investor relations section of Valeant's corporate website

at http://www.valeant.com.

About Valeant

Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational

specialty pharmaceutical company that develops, manufactures and markets a

broad range of pharmaceutical products primarily in the areas of dermatology,

neurology and branded generics. More information about Valeant can be found at

http://www.valeant.com.

About Bausch + Lomb

Bausch + Lomb is a leading global eye health company that is solely focused on

protecting, enhancing, and restoring people's eyesight. Its core businesses

include ophthalmic pharmaceuticals, contact lenses and lens care products, and

ophthalmic surgical devices and instruments. It globally develops, manufactures

and markets one of the most comprehensive product portfolios in the eye health

industry, which are available in more than 100 countries. Founded in 1853, the

company is headquartered in Rochester, NY, and employs more than 11,000 people

worldwide.

Forward Looking Statements

This press release contains forward-looking statements regarding, among other

things, the proposed business combination between Valeant and Bausch + Lomb,

Valeant and Bausch + Lomb's financial position, market position, product

development and business strategy, expected cost synergies, expected timing and

benefits of the transaction, as well as estimates of Valeant's future expenses

and future sales and earnings per share. Statements including words such as

"believes," "expects," "anticipates," "intends," "estimates," "plan," "will,"

"may," "intend," "guidance" or similar expressions are forward-looking

statements. Because these statements reflect Valeant or Bausch + Lomb's current

views, expectations and beliefs concerning future events, these forward-looking

statements involve risks and uncertainties. Investors should note that many

factors could affect the proposed business combination of the companies and

their future financial results and could cause actual results to differ

materially from those expressed in forward-looking statements contained in this

press release. These factors include, but are not limited to: the risk that the

acquisition will not close; the risk that Valeant's business and/or Bausch +

Lomb's business will be adversely impacted during the pendency of the

acquisition; the risk that the operations of the two companies will not be

integrated successfully; Valeant and Bausch + Lomb's ability to successfully

develop, commercialize and market new products; Valeant and Bausch + Lomb's

ability to obtain regulatory approval of any of their respective pipeline

products; competition for the business of Valeant and Bausch + Lomb's products;

market acceptance of Valeant and Bausch + Lomb's future products; government

regulation of the companies' industries; the outcome of any pending or future

litigation or claims by third parties or the government; the risk of changes in

governmental regulations; the impact of economic conditions; the impact of

competition and pricing and other risks and uncertainties, including those (i)

detailed from time to time in the Valeant's periodic reports filed with the

Securities and Exchange Commission ("SEC") and the Canadian Securities

Administrators ("CSA"), including current reports on Form 8-K, quarterly

reports on Form 10-Q and annual reports on Form 10-K, particularly the

discussion under the caption "RISK FACTORS" in their annual reports on Form

10-K for the year ended December 31, 2012, which have been filed with the SEC

and the CSA and (ii) the risk factors detailed in Amendment No. 1 to the Form

S-1 Registration Statement on WP Prism Inc. (the former name of Bausch + Lomb

Holdings Incorporated), filed with the SEC on April 26, 2013, which has not

been declared effective by the SEC. The forward-looking statements in this

press release are qualified by these risk factors. These are factors that,

individually or in the aggregate, could cause the companies' actual results to

differ materially from expected and historical results. The companies assume no

obligation to publicly update any forward-looking statements, whether as a

result of new information, future developments or otherwise.

SOURCE: Bausch + Lomb

CONTACT: Media Contacts: Sard Verbinnen & Co, Jonathan Doorley / Meghan

Gavigan, 212-687-8080, jdoorley@sardverb.com, or Bausch + Lomb, Adam Grossberg,

973-360-6439, adam.grossberg@bausch.com, or Investor Contacts: Valeant

Pharmaceuticals International, Inc., Laurie W. Little, 949-461-6002,

laurie.little@valeant.com, or Bausch + Lomb, Alex Kelly, 908-303-5445,

alex.kelly@bausch.com