Valeant Pharmaceuticals International has agreed to acquire Bausch & Lomb (B&L) for approximately US$8.7 B in a deal that will be financed through a combination of debt and new equity. B&L has a sizeable presence in all major segments of the ophthalmology market, including prescription and OTC drugs, surgical devices and instruments and vision care products. The deal, Valeant’s largest to date, will significantly expand the company’s existing ophthalmology business, increasing annual revenue to US$3.5 B, and will provide it with an entry into key emerging markets, including China, the Middle East and Turkey.