The Cooper Companies Announces $1.2B Definitive Agreements To Acquire Sauflon Pharmaceuticals
Press Release Link: http://investor.coopercos.com/releasedetail.cfm?ReleaseID=857233
The Cooper Companies, Inc. (NYSE: COO) today announced it has entered into definitive agreements to acquire Sauflon Pharmaceuticals Ltd, a European manufacturer and distributor of soft contact lenses and solutions, in a transaction valued at approximately $1.2 billion. Sauflon forecasts revenue of approximately $210 million for its fiscal year ending October 31, 2014, up approximately 22% year-over-year.
The transaction is subject to regulatory approval and is anticipated to close prior to fiscal year end, October 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 off-shore cash and credit facilities.
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."
Additional details concerning the acquisition will be provided on a conference call (details below) and a presentation can be found on the Investor Relations section of Cooper's website at http://investor.coopercos.com under the presentation titled "Acquisition of Sauflon Pharmaceuticals Ltd."
The Company will host a conference call and live webcast at 8:00 PM ET today, June 30, 2014, to discuss this transaction. The dial-in number in the United States is 1-866-700-5192 and outside the United States is +1-617-213-8833. The passcode is 11489755. There will be a replay available approximately two hours after the call ends until July 7, 2014. The replay number in the United States is 1-888-286-8010 and outside the United States is +1-617-801-6888. The replay passcode is 31559969. This call will also be broadcast live at http://investor.coopercos.com and a transcript will be available following the conference call.
About The Cooper Companies
The Cooper Companies, Inc. ("Cooper") is a global medical device company publicly traded on the NYSE Euronext (NYSE: COO). Cooper is dedicated to being A Quality of Life Company™ with a focus on delivering shareholder value. Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to crafting a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical focuses on supplying women's health clinicians with market leading products and treatment options to improve the delivery of healthcare to women. Headquartered in Pleasanton, CA, Cooper has approximately 8,000 employees with products sold in over 100 countries. For more information, please visit www.coopercos.com.
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