LARGO, Fla.—Unilens Vision Inc. (OTCQX: UVIC) announced this morning that it has entered into a definitive agreement under which a subsidiary of Valeant Pharmaceuticals International, (NYSE: VRX) will acquire all of the outstanding common stock of Unilens Vision Inc. for $12.75 per share in cash, or a total enterprise value of approximately $28 million, which includes approximately $5 million in debt.

The transaction was unanimously approved by Unilens’ board of directors and is expected to close by Sept. 1, 2015, subject to stockholder approval and customary closing conditions. Unilens anticipates holding a special meeting of its stockholders to consider and adopt the agreement and plan of merger in the second half of August 2015.

Established in 1989, Unilens Vision Inc., through its wholly owned subsidiary Unilens Corp., USA, located here, and its wholly owned subsidiary Unilens Vision Sciences Inc., develops, licenses, manufactures, distributes and markets contact lenses primarily under the C-Vue brand directly to independent eyecare professionals.

Michael J. Pecora, chairman of the board, chief executive officer and president of Unilens, stated, “We are very pleased to sign a definitive agreement with Valeant, which creates immediate value for our stockholders. The combination of Unilens’ world class technology and its leading customized lens business with Valeant will create a strong portfolio of products enhancing our commitment to providing the best possible visual outcomes throughout the optical industry. In the coming months we will be working closely with the Valeant team to ensure a smooth transition.”