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Tuesday / August 16.
HomeminewsCooperVision to Acquire Sauflon

CooperVision to Acquire Sauflon

CooperVision will be able to offer a full suite of daily silicone hydrogel and hydrogel lenses, including options within all categories – spheres, torics and multifocals – following a decision by Cooper Companies to acquire Sauflon Pharmaceuticals Ltd, a European manufacturer and distributor of soft contact lenses and solutions.

The Cooper Companies has entered into definitive agreements to acquire Sauflon in a transaction valued at approximately US$1.2 billion. Sauflon forecasts revenue of approximately $210 million for its fiscal year ending 31 October 2014, an increase of approximately 22 per cent year-over-year.

Commenting on the transaction, Robert S. Weiss, Cooper’s president and chief executive officer said, “We are extremely pleased to announce this acquisition which gives CooperVision the world’s most comprehensive portfolio of daily disposable lenses. CooperVision will now be able to offer a multi-tier daily strategy that includes a full suite of silicone hydrogel and hydrogel lenses, including options within all categories — spheres, torics and multifocals. The daily segment is the fastest growing segment of the soft contact lens market and this transaction positions CooperVision as the premier company in this space.”

The transaction is subject to regulatory approval and is anticipated to close prior to fiscal year end, 31 October 2014. Excluding one-time charges and deal-related amortisation, the transaction is expected to be accretive to earnings per share in fiscal 2015. The acquisition will be financed with off-shore cash and credit facilities.

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