Quebec-based Valeant Pharmaceuticals International Inc. said it expected to save more than USD 800 million when its acquisition of Bausch & Lomb Holdings pushes through. In May, Valeant offered to buy Baush & Lomb for a sum of USD 8.7 billion. The Canadian pharmaceuticals firm had earlier said that the acquisition would save at least USD 800 million. But with its additional expected savings of USD 500 million this year, the deal will enable Valeant to put more back to its coffers.
Regulators are said to give Valeant the green light to proceed with the deal early in August. The pharmaceutical company also said that it would be reducing the combined company's workforce by 10% to 15% after it acquires Bausch & Lomb. Its corporate staff is also not going to number more than 100. Other plans include the relocation of its Medicis operations to New Jersey and the fusion of its Obagi operations with a Bausch & Lomb in California.
Join the Conversation