Sign up USA
Proactive Investors - Run By Investors For Investors

Valeant gains on raising $2 billion in stock offering

Valeant gains on raising $2 billion in stock offering

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.

 

 



Register here to be notified of future VRX Company articles
View full VRX profile

Valeant Pharmaceuticals Timeline

Related Articles

Cells
January 06 2017
Revenues are on the rise and the group’s efforts to bring in new business is delivering.
Harley Street London street sign
May 27 2016
The cancer treatment specialist has received funding to bring its breakthrough therapy to London.
Venn-Life.jpg
October 04 2016
Innovenn owns and is developing Labskin, a living skin model and also has an anti-acne formulation.
Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC