Santen to acquire US lensmaker

Santen Pharmaceutical Co has signed an agreeement to acquire AdvancedVision Science, a USA-based maker of intraocular lenses to treat cataracts. Financial details of of the transaction were not disclosed, but the Japanese firm is expected to invest 700 million yen ($5.8 million) into AVS.

Profits fall 24%

Meantime, Santen has reported a 24% fall in net profits for the six months of the fiscal year ended September 30, 2001, to 3.08 billion yen. Sales were up just 1.6% to 43.79 billion yen, and the company said that the results reflected increased marketing and administration costs. Santen expects full-year net income to fall 18.3% to 6.3 billion yen, noting that price rises in the USA are affecting the group's competitiveness.