ISTA's Board Reiterates Commitment to Maximizing Shareholder Value Through Strategic Review Process
IRVINE, CA, Jan 30, 2012 (MARKETWIRE via COMTEX) --The Board of Directors of ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA) today reiterated its commitment to maximizing shareholder value and said it will continue its previously announced review of all strategic options available to the Company. The Board issued its statement in response to a press release from Valeant Pharmaceuticals International, Inc. (NYSE: VRX) announcing that Valeant had withdrawn its unsolicited proposal to acquire ISTA.
ISTA's review of its strategic options, which the Company publicly announced on December 16, 2011, is advancing expeditiously and in a manner consistent with the Board's fiduciary responsibilities. ISTA is currently in dialogue with a number of parties that have expressed an interest in pursuing a strategic transaction and remains committed to maximizing shareholder value.
Vicente Anido, Jr., Ph.D., President and Chief Executive Officer of ISTA, said, "ISTA remains committed to reviewing the full range of strategic options that are available to the Company. While we continue to make excellent progress and are pleased with the level of interest generated to date, it will take time to complete a thorough and thoughtful review. We repeatedly offered Valeant the opportunity to participate in our strategic review process on a level playing field with others, but it was clear Valeant was only interested in an approach that would have effectively excluded others. We informed Valeant that there were simply too many other companies that had indicated strong interest in ISTA for us to take that approach."
Greenhill & Co. is acting as financial advisor to ISTA. Stradling Yocca Carlson & Rauth and WilmerHale LLP are acting as legal advisors to ISTA.
ABOUT ISTA PHARMACEUTICALS
ISTA Pharmaceuticals, Inc. is a fast growing and the third largest branded prescription eye care business in the United States with an expanding focus on allergy therapeutics. ISTA currently markets four products, including treatments for ocular inflammation and pain post-cataract surgery, glaucoma and ocular itching associated with allergic conjunctivitis. The Company's development pipeline contains additional candidates in various stages of development to treat dry eye, ocular inflammation and pain, and nasal allergies. Headquartered in Irvine, California, ISTA generated revenues of $156.5 million in 2010. For additional information about ISTA, please visit the corporate website at www.istavision.com.
FORWARD-LOOKING STATEMENTS Any statements contained in this press release that refer to future events or other non-historical matters are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Reform Act of 1995. Without limiting the foregoing, but by way of example, statements contained in this press release related to the completion of the strategic review process and any potential strategic transaction are forward-looking statements. Except as required by law, ISTA disclaims any intent or obligation to update any forward-looking statements. These forward-looking statements are based on ISTA's expectations as of the date of this press release and are subject to risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ from current expectations are detailed from time to time in ISTA's public filings with the U.S. Securities and Exchange Commission, including but not limited to ISTA's Annual Report on Form 10-K for the year ended December 31, 2010, and its Quarterly Report on Forms 10-Q for the quarters ended March 31, June 30 and September 30, 2011.
Steve Lipin/Jennifer Lowney
For Investor Relations:
Chief Financial Officer and Vice President, Corporate Development
Director, Investor Relations
Web Site: http://www.istavision.com
SOURCE: ISTA Pharmaceuticals