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

Article
February 28 2017

Related Articles

Genetic data
July 12 2016
Drug discovery company snaps up software system for "non-material" sum
Microbes
April 16 2017
Stephen O’Hara created Opti as a company all by himself in 2012 as a business focused on the rapidly growing microbiome space, which harnesses the positive benefits of microbes that live on the human body
Harley Street London street sign
May 27 2016
The cancer treatment specialist has received funding to bring its breakthrough therapy to London.
Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use