Drug Co. Valeant Walks Away From Bid for Ista

Law360, New York (January 30, 2012, 1:48 PM EST) -- Canadian drugmaker Valeant Pharmaceuticals International Inc. has withdrawn its bid to acquire California drug company Ista Pharmaceuticals Inc. for $7.50 per share because of a lack of progress in negotiations, Valeant announced Monday.

Valeant had announced previously that the offer to merge Valeant's small ophthalmology operation with Ista's prominent eye care business would be on the table until Jan. 31, but with the deal not moving forward, Valeant decided to walk away Monday, one day before the proposed deadline.

"As we stated last December, we were...
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