Davis Polk is advising Greenhill & Co. as financial adviser to ISTA Pharmaceuticals, Inc. in connection with its approximately $500 million acquisition by Bausch & Lomb Incorporated. The transaction is expected to close in the second quarter of 2012.

ISTA Pharmaceuticals is an Irvine, California-based branded prescription eye care business in the U.S. with an expanding focus on allergy therapeutics. Founded in 1853, Bausch + Lomb is headquartered in Rochester, N.Y. and provides contact lenses and lens care products, ophthalmic surgical devices and instruments, and ophthalmic pharmaceuticals.

The Davis Polk corporate team includes partner Marc O. Williams and associate R. Andrew Dickson III. Both members of the Davis Polk team are based in the New York office.