Bausch and Lomb completes Ista Pharmaceuticals takeover

Bausch and Lomb has announced the completion of its acquisition of Ista Pharmaceuticals, a healthcare company specialising in ophthalmology products.

The takeover of the business has been valued at $500 million (321.3 million pounds) and allows Bausch and Lomb to add the prescription products Bromday, Bepreve, Istalol and Vitrase to its portfolio.

Moreover, Bausch and Lomb's pharmaceutical pipeline will now have nearly double the number of mid-to-late-stage innovations, including Ista's Prolensa, T-Pred, Bepomax and Beposone.

The organisations will now work together to ensure the merger process is as seamless as possible for customers, suppliers and other partners.

Brent Saunders, president and chief executive officer of Bausch and Lomb, said: "Ista's business complements our own very well and we are excited about the opportunities this transaction creates."

Last month, the company announced the appointment of John Barr as global president of its surgical business division, an area in which it wishes to stimulate growth.