Shares of Synergetics USA (SURG) soared 48% today after the company announced that it would be acquired by Valeant Pharmaceuticals (VRX) for $166 million. Valeant made a tender offer to acquire all outstanding shares of Synergetics for $6.50 per share. This $6.50 per share price is a 48% premium over the previous close. 

Synergetics is a pharmaceutical company that makes surgical devices for ophthalmology and neurosurgery. In addition to the buyout, shareholders of Syngergetics are also eligible to receive an additional $1 per share pending certain sales milestones to be reached after the acquisition closes. The close of this acquisition is expected to occur by the fourth quarter of 2015. 

Valeant has  been on a buying spree for small pharmaceutical companies, but this one is slightly different. That is because this acquisition was done to help boost a previous purchase of a big pharma company. Today’s acquisition is synergistic with Bausch + Lomb’s business as it primarily deals in making ocular products (Valeant acquired Bausch + Lomb in 2013). This deal had no resistance as  the Synergetics board of directors unanimously approved it. 

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