Ciba-Geigy Buys Eye Pharma Co

Ciba Vision, a division of Swiss pharmaceutical company Ciba, has signed an agreement for the acquisition of the entire ophthalmic pharmaceutical product line of Iolab Corporation, a subsidiary of the US company Johnson & Johnson.

Ciba Vision is paying $300 million, which includes a cash payment on closing and future financial considerations. The Iolab ophthalmic surgery business is not party to the deal.

The transaction is expected to be completed by September 1, and brings Ciba Vision's ophthalmic business unit a strong range of ophthalmic prescription drugs and recognized over-the-counter ophthalmic products worldwide, according to Ciba. Ciba Vision will also obtain ophthalmic rights in the USA and certain other countries to a recently-introduced antiallergic prescription eye product, Livostin (levocabastine).