AMO makes a move on B&L

July 1, 2007

Allergan pulled up by FDA; AMO makes a move on B&L; Opko snags Ophthalmic Technologies; Alcon sets its sights on WaveLight; B&L to sue Alcon; Ellex launches SLT website

Allergan pulled up by FDA

The FDA remonstrated Allergan for printing information that broadens the product's indication, presents unsubstantiated superiority claims and omits important risk information for Acular LS.

AMO makes a move on B&L

Advanced Medical Optics (AMO) has submitted a proposal to acquire Bausch & Lomb for $75 per share in cash and AMO stock.

Bausch & Lomb has already entered into a merger agreement process with the private equity firm Warburg Pincus, valued at $4.5 billion. Under the terms of the agreement, Bausch & Lomb was permitted a 50 day period to solicit superior proposals. However, if a better agreement was reached, they are obligated to pay a break-up fee of $40 million to Warburg Pincus.

The AMO proposal values Bausch & Lomb at approximately $4.3 billion in equity value.

In a letter issued on 24 July, however, Bausch & Lomb said it was likely to reject AMO's takeover bid unless AMO could provide evidence that its shareholders will approve the deal.

Opko snags Ophthalmic Technologies

Opko Health has entered into an agreement to acquire the Canadian company, Ophthalmic Technologies.

Ophthalmic Technologies markets a complete line of ophthalmic ultrasound and imaging products and its SLO/OCT system provides a flexible platform for processing a wide variety of diagnostic tests.

According to the terms of the agreement, Opko has purchased one-third of the outstanding common shares of the company and has received an exclusive option to purchase the remaining shares over a period of six months.

Opko has also hired Steven Verdooner as Executive Vice President of Instrumentation, a newly created position.

Alcon sets its sights on WaveLight

Alcon has announced its intention to acquire WaveLight AG by means of a friendly takeover, with both parties entering into a business combination agreement.

Alcon will reportedly offer €10 per share in cash for all issued WaveLight shares. WaveLight's Executive Committee reportedly supports the transaction and will recommend to the shareholders that it be accepted, subject to a review of the published tender offer document.

The deal will be contingent on the fulfilment of various terms and conditions, including a minimum acceptance threshold of 75% of WaveLight's issued shares and approval by the relevant merger control authorities.

B&L to sue Alcon

Bausch & Lomb is suing Alcon, claiming that it made false advertising claims about Bausch & Lomb's contact lens solution, ReNu MultiPlus.

The company claims that Alcon's promotional use of a chart to demonstrate the safety of contact lens solutions could negatively influence patients and/or doctors. The chart shows the safety of different solutions based on corneal staining tests, rating them with a colour coding system: green is safe, yellow means use with caution and red indicates the solution is unsafe. Bausch & Lomb allege the chart has been produced without scientific studies or clinical evidence to back it up.

Alcon has yet to issue a statement regarding the claim

Ellex launches SLT website

Ellex has launched a website that is to become the primary online resource for the company's selective laser trabeculoplasty (SLT) users.

The website features: an 'Ask the experts' section, which allows users to submit questions for review by the Ellex clinical advisory network; a bibliography of papers, journal and peer-reviewed articles; a 'Bulletin board' for online networking with other users; a 'clinical tips' page; a meeting calendar and 'Patient follow-up results form' which can be downloaded to track SLT results.

For more information visit http://www.slt-ellex.com/