On March 26, representatives from Bausch + Lomb announced that they had agreed to purchase ISTA Pharmaceuticals for $9.10 per share—a total approximate value of $500 million. The transaction was unanimously approved by both company’s boards of directors and is anticipated to be finalized during the second quarter of 2012.

The merger incorporates ISTA’s current drug portfolio—including topical agents Bromday (bromfenac), Bepreve (bepotastine besilate) and Istalol (timolol maleate)—into B+L’s existing pharmaceutical inventory.

Additionally, B+L will inherit ISTA’s current developmental drug pipeline, which currently includes several topical agents intended to treat ocular inflammation and pain.

“ISTA is an excellent strategic fit with Bausch + Lomb’s rapidly growing pharmaceutical business, and this combination represents an important step in Bausch + Lomb’s commitment to becoming the best global eye health company. With this combination, we will significantly enhance our pharmaceutical pipeline, nearly doubling the number of mid- to late-stage innovations,” said Brent Saunders, president and chief executive officer of B+L.

“ISTA’s portfolio of prescription eye and allergy products is a natural extension of Bausch + Lomb’s pharmaceutical business focus. Together, we create an impressive platform to commercialize new eye care and allergy products already under development,” added Vicente Anido, Jr., Ph.D., president and chief executive officer of ISTA Pharmaceuticals.

The transaction is still subject to regulatory approval and other customary closing conditions, including the approval of ISTA’s shareholders.

The companies will continue to operate independently until official completion of the acquisition.