Chiron Corp. announced its second deal in two days at its annualstockholders' meeting on Thursday. The Emeryville, Calif., companysaid its Chiron Ophthalmics Inc. subsidiary has purchased a majorityinterest in Adatomed GmbH of Munich, Germany.
Chiron's investment, for more than $10 million, will give itaccess to the German market for Chiron's ophthalmic products,as well as to Adatomed's line of intraocular lenses and otherophthalmic surgical products.
When the deals for Adatomed and a portion of the vaccinebusiness of Sclavo SpA of Italy, announced Wednesday, arecompleted, cash-rich Chiron will still have more than $300million in the bank.
Adatomed had sales of $6.7 million in 1990. ChironOphthalmics, of Irvine, Calif., had sales of $6.5 million in 1990,and plans to double sales to between $13 million and $15million this year, said Chiron spokesman Larry Kurtz.
Chiron common stock (NASDAQ:CHIR) closed Thursday at$62.50, up $2.50.
In November, Chiron opened offices of Chiron Ophthalmics SAof Paris as a regulatory and marketing operation. Kurtz said itwas important to have a presence in both the French andGerman markets. He estimated the European market forophthalmic pharmaceuticals and surgical instruments at about$500 million.
Adatomed will remain under German management. -- KarenBernstein
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