NEWSspectrum

Cooper to Acquire Sauflon Pharmaceuticals

The Cooper Companies, Inc. has entered into definitive agreements to acquire Sauflon Pharmaceuticals Ltd, a European manufacturer and distributor of soft contact lenses and care solutions, in a transaction valued at approximately $1.2 billion. Sauflon forecasts revenue of approximately $210 million for its fiscal year ending Oct. 31, 2014, up approximately 22% year-over-year.

According to the company, this acquisition gives CooperVision the world’s most comprehensive daily disposable portfolio and allows the company 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 disposable segment is the fastest growing of the soft lens market.

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

Alcon to License Google “Smart Lens” Technology

Alcon, a division of Novartis, has entered into an agreement with Google[x], a team within Google, to develop and commercialize Google’s “smart lens” technology. The agreement marries Google’s expertise in miniaturized electronics, low power chip design, and microfabrication with Alcon’s expertise in physiology and visual performance of the eye, clinical development and evaluation, as well as commercialization of contact and intraocular lenses.

Under the agreement, Google[x] and Alcon will collaborate to develop a “smart lens” that has the potential to address ocular conditions. The smart lens technology involves non-invasive sensors, microchips, and other miniaturized electronics that are embedded within contact lenses.

Two main areas of interest include:

• Helping diabetic patients manage their disease by providing a continuous, minimally invasive measurement of the body’s glucose levels via a “smart contact lens,” which is designed to measure tear fluid in the eye and connects wirelessly with a mobile device; and

• For people living with presbyopia who can no longer read without glasses, the “smart lens” has the potential to provide accommodative vision correction to help restore the eye’s natural autofocus on near objects in the form of an accommodative contact lens or intraocular lens as part of the refractive cataract treatment.

The transaction remains subject to anti-trust approvals.

B+L Recalling Muro 128 Lots

Bausch + Lomb (B+L) is recalling 22 lots of Muro 128 5% Ointment (Sodium Chloride Hypertonicity Ophthalmic Ointment, 5%) and 35,000 tubes of an unbranded sodium chloride product sold by Major Pharmaceuticals. A May 30, 2014 recall notice sent to retailers and distributors states that B+L initiated the voluntary recall following patient complaints associated with crystal precipitate formation in the tubes, which prompted B+L to recall the product in the interest of public safety. Potential adverse events include injury to the cornea, leading to foreign body sensations, eye irritation, and abrasions. Patients complained of a sandy, gritty feeling in the eye.

According to the Wall Street Journal, B+L said affected products may have been exposed to freezing temperatures after leaving company-owned facilities last winter and that freezing temperatures can cause the crystal formations in the salt-based product. Boxes containing the tubes carry a “do not freeze” label.

The U.S. Food and Drug Administration (FDA) classified this as a Class II recall: a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or in which the probability of serious adverse health consequences is remote.

A copy of the recall notice is available at www.majorpharmaceuticals.com/pdf/recalls/Muro-128-Ointment.pdf, and further details are available in the Enforcement Report for the week of July 2, 2014 posted on the FDA’s website (www.fda.gov).

Coyle Re-Elected President of ASCO

Pacific University College of Optometry Dean Jennifer Coyle, OD, MS, was elected for a second term as president of the Association of Schools and Colleges of Optometry (ASCO). Dr. Coyle continues to lead the association comprised of 21 schools and colleges of optometry in the 50 states and Puerto Rico. Dr. Coyle’s term will conclude on June 30, 2015.

Additional elected officers to the board of directors are: president-elect Dr. Richard Phillips, president, Southern College of Optometry; immediate past-president Dr. David Heath, president, State University of New York, State College of Optometry; secretary-treasurer Dr. Joseph A. Bonanno, dean, Indiana University, School of Optometry; and at-large member Dr. Elizabeth Hoppe, founding dean, Western University of Health Sciences.

ASCO also welcomed a record number of new directors to the board, including: Dr. John Flanagan, dean, University of California at Berkeley, School of Optometry; Dr. Lori Grover, dean, Salus University’s Pennsylvania College of Optometry; Dr. Kelly Nichols, dean, University of Alabama at Birmingham; Dr. Timothy Wingert, dean, University of The Incarnate Word Rosenberg School of Optometry; and Dr. Joseph Zinkovich, acting associate dean, MCPHS University, School of Optometry.