After rejecting a hostile US$7.50 per share takeover bid from Valeant Pharmaceuticals International earlier in 2012, ISTA Pharmaceuticals has accepted a US$9.10 per share offer from Bausch & Lomb (B&L), which equates to a total deal value of approximately US$500 M. The transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in the second quarter of 2012. With the acquisition, B&L will gain four marketed ophthalmology products and a strong and complementary pipeline.