Valeant Pharmaceuticals International Inc. (TSE:VRX), Canada’s largest drug-maker, advanced as much as 2 percent on Wednesday after saying it raised about $2 billion in an offering of common shares priced at $85 a share.
The shares rose to as high as C$87.55 before trading at C$86.44, up 0.7 percent at 3:40 p.m. in Toronto, stretching this year’s gains to approximately 45 percent.
The Laval, Quebec-based company said in a statement late on Tuesday that it will use the proceeds to help fund its planned $8.7 billion acquisition of global eye-care company Bausch & Lomb Holdings Inc. The stock offering is expected to close by Monday.
The Bausch & Lomb acquisition is expected to close in the third quarter. Valeant had about 305.9 million shares outstanding as of April 30.
Meanwhile on Wednesday, Bloomberg News cited unidentified people as saying Valeant is seeking a $3.55 billion term loan B and a $500 million term A piece to support its purchase of Bausch.