ISTA Pharma (ISTA) Gets $7.50/Share Bid from Valeant Pharma (VRX) w/ Target of $8.50/Share

ISTA Pharmaceuticals, Inc. (Nasdaq: ISTA) has received a revised non-binding proposal from Valeant Pharmaceuticals (NYSE: VRX) to acquire ISTA and will consider the updated proposal as part of its ongoing review of strategic options. On January 11, Valeant's Chairman and CEO and two Directors met with Vicente Anido, Jr., Ph.D., ISTA's President and Chief Executive Officer, and Richard C. Williams, ISTA's Chairman of the Board. During the meeting, Valeant raised its initial proposal to $7.50 per share in cash and set a target price of $8.50 per share in cash, subject to one week of due diligence. Subsequently, on January 16 Valeant sent ISTA a letter confirming its increased non-binding proposal, which included a number of inaccuracies about ISTA's process and the discussions between the two companies. ISTA's process for review of strategic options is advancing as planned and in an expeditious manner, consistent with the Board's fiduciary responsibilities and its commitment to maximizing shareholder value. As part of the strategic review process publicly announced on December 16, 2011, ISTA is currently in dialogue with a number of parties that have expressed an interest in pursuing a strategic transaction.

reenhill & Co. is acting as financial advisor to ISTA. Stradling Yocca Carlson & Rauth and WilmerHale LLP are acting as legal advisors to ISTA.

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