The Cooper Companies Inc. announced Monday that it has reached an agreement to acquire Sauflon Pharmaceuticals Ltd.
As detailed in the release from Cooper, the purchase, valued at about $1.2 billion, is expected to close by the end of the fiscal year on Oct. 31, as it is subject to regulatory approval.
“We are extremely pleased to announce this acquisition, which gives CooperVision the world’s most comprehensive portfolio of daily disposable lenses," Robert S. Weiss, Cooper’s president and CEO, said in the release. "CooperVision will now be able to offer a multitier 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,” Weiss continued, “and this transaction positions CooperVision as the premier company in this space.”
The transaction will be financed with credit facilities and off-shore cash, according to the release. Sauflon forecasts revenue of about $210 million for its fiscal year ending Oct. 31, up about 22% year-over-year, Cooper said in the release.