Bausch & Lomb has been on an acquisition tear recently, agreeing to buy the ophthalmic products units of two drugmakers for a total of $680 million in cash.
The Rochester, N.Y.-based company on Oct. 21 agreed to buy Chiron Vision Corp. from Chiron Corp., Emeryville, Calif., for $300 million. Chiron Vision makes a variety of drugs and medical devices used to treat eye disorders.
The next day Bausch & Lomb announced it had reached a definitive agreement to buy the Storz Instrument subsidiary of American Home Products Corp., Madison, N.J., for $380 million in cash. Storz makes a wide range of ophthalmic products including surgical equipment and intraocular lenses.
Both transactions are expected to close in early 1998, subject to regulatory approvals, a Bausch & Lomb spokeswoman says. Shareholder approval is not required for either transaction; however, Bausch & Lomb's purchase of Storz is subject to the successful close of the Chiron Vision deal.