Cooper Cos., maker of contact lenses and surgical tools, agreed to buy closely held Sauflon Pharmaceuticals Ltd. of the U.K. for about $1.2 billion.
The deal, which will be financed with off-shore cash and credit facilities, is forecast to be accretive to earnings per share in the fiscal 2015 year, Pleasanton, California-based Cooper said in a statement today.
The acquisition will give Cooper, which runs two main businesses, CooperVision and CooperSurgical, the “most comprehensive portfolio of daily disposable lenses,” it said. Sauflon’s revenue will rise by about 22 percent to $210 million for its fiscal year ending in October.
“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,” Robert S. Weiss, Cooper’s chief executive officer said.
The deal is subject to regulatory approval and is anticipated to close prior to fiscal year end, Oct. 31, Cooper said.