Corporate Activity — Mergers and Acquisitions
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Impending mergers and acquisitions
Bausch & Lomb, a global eye health company headquartered in Rochester, NY, has entered into a definitive agreement to acquire a 55% controlling interest in Shandong Chia Tai Freda Pharmaceutical (CTF), the leading ophthalmic pharmaceutical company in China, from Sino Biopharmaceutical. The purchase price of $US200 million in cash represents the equivalent of 18.6 times the Chinese company’s 2004 net earnings. The acquisition will accelerate Bausch & Lomb’s expansion into the rapidly growing ophthalmic pharmaceuticals market in China. In addition, Bausch & Lomb has agreed in principle to a future acquisition of an additional 15% interest in CTF for $US54.5 million. CTF primarily develops, manufactures and markets medications used to treat ocular inflammation and infection, glaucoma and dry eye. Further information is available from http://www.bausch.com/.
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