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News Summary: Valeant to buy Bausch + Lomb

The Associated Press

VISIONARY DEAL: Bausch + Lomb, a top maker of contact lenses, is being bought for $8.7 billion by Canadian drugmaker Valeant Pharmaceuticals to expand Valeant's smaller ophthalmology business.

EYE CHART: Rochester, N.Y.-based Bausch + Lomb makes contact lenses, eye drugs and ophthalmic surgical devices. It will become a division of Valeant Pharmaceuticals International Inc. of Laval, Quebec, but will keep its better-known name and integrate Valeant's products for treating glaucoma.

THE FINE PRINT: Investment firm Warburg Pincus will receive $4.5 billion in cash. The remaining $4.2 billion will repay Bausch + Lomb's debt. The deal should close by September.