Allergan, TPG Said to Consider Valeant Eye-Surgery Assets

Updated on
  • Carl Zeiss also said to be interested in surgical assets
  • Valeant may fetch about $2 billion if sale goes ahead

Allergan Plc and buyout firm TPG are among potential suitors weighing a bid for Valeant Pharmaceuticals International Inc.’s eye-surgery assets, according to people familiar with the matter.

The surgical products, which are part of Valeant’s Bausch & Lomb unit, have also attracted early interest from Germany’s Carl Zeiss Meditec AG, as well as other private equity firms and possible bidders in Asia, one of the people said, asking not to be identified as the details aren’t public. Valeant could fetch about $2 billion for the assets, the people said.

No final decision has been made, the companies may chose not to bid and Valeant could decide to keep the unit, they said.

Representatives for Allergan, Valeant, TPG and Carl Zeiss declined to comment. Valeant shares rose 1.7 percent to $18.29 at 10:42 a.m. in New York.

Valeant is divesting assets to reduce some of its about $30 billion in debt. The Laval, Quebec-based drugmaker has also held talks with Takeda Pharmaceutical Co. about the sale of its Salix drugs business, according to people familiar with the matter.

Federal officials on Thursday said the company was the victim of a multimillion-dollar fraud by an executive who engaged in a hidden kickback scheme with the chief executive of a mail-order pharmacy company that sold Valeant drugs. The stock has lost more than 90 percent of its value since its August 2015 peak.

— With assistance by Johannes Koch

(Updates with Valeant shares in fourth paragraph.)
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