Valeant Pharmaceuticals has entered an agreement to acquire Bausch & Lomb for $8.7 billion. The acquisition, which was unanimously approved by the boards of both companies, will result in Valeant paying $4.5 billion to B&L’s private equity ownership group, led by Warburg Pincus, and paying another $4.2 billion to repay B&L’s outstanding debt. The buyout will be financed with debt and approximately $1.5 to $2.0 billion in new equity. B&L’s 2013 revenues are expe...