ISTA Pharmaceuticals Acquired For $500M

Irvine-based ISTA Pharmaceuticals, a manufacturer of products to treat ocular inflammation and pain post-cataract surgery, glaucoma and ocular itching associated with allergic conjunctivitis, has been acquired by Bausche + Lomb in a $500M deal. The firms said that Bausch + Lomb will pay $9.10 per share in cash for publicly held ISTA. ISTA had revenues of $160 million in 2011. Bausch + Lomb was advised by Goldman, Sachs & Co. and Cleary Gottlieb Steen & Hamilton LLP in the deal; ISTA was advised by Greenhill & Co and Stradling Yocca Carlson & Rauth and WilmerHale LLP.