Valeant Pharmaceuticals is relying on outside PR support in its $8.7B acquisition of Bausch + Lomb.
The companies announced a deal May 27 that will see the Canadian drug giant pay $4.5B to the private equity group owners of B+L, led by Warburg Pincus, as well as $4.2B to cover B+L debt. Most of the $8.7B will be financed with debt with from $1.5B-$2B in new equity, Valeant said.
Valeant, which has engaged Sard Verbinnen & Co, said it will combine its ophthalmology products with B+L's offerings to create an eye health unit with annual net revenue of around $3.5B. B+L will retain its name as a division of Valeant, the companies said in a joint release.
Sard principal Jonathan Doorley and VP Meghan Gavigan are representing Valeant.
Warburg Pincus engaged Joele Frank, Wilkinson Brimmer Katcher for the B+L deal. JF partner Steve Frankel heads the work.
Adam Grossberg, VP of global communications and IR at B+L, told O'Dwyer's his company did not work with outside PR counsel for the Valeant deal.
Rochester, N.Y.-based B+L in March worked with Abernathy MacGregor Group for communications counsel as it planned an initial public offering worth up to $100M.
Valeant, which had 2012 revenue of nearly $3.6B, paid $2.6B for Arizona-based Medicis Pharmaceutical in 2012.
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