CooperVision to Buy Rorer Subsidiaries

CooperVision reported Friday that it has agreed to buy Rorer Group Inc.’s surgical products subsidiaries, Cilco Inc. and Richards Medical Co. for $350 million in cash.

Cilco’s eye-care products include specialized lenses and surgical and diagnostic equipment. Richards develops, makes and sells ear implants and instruments, hearing aids, orthopedic implants and other surgical instruments and supplies.

CooperVision President John H. Williford said that combining with Cilco should bring CooperVision’s sales of eye care products to at least the $500-million level in 1986 and should assure that sales reach $1 billion by 1990.

Diversification

Parker G. Montgomery, CooperVision chairman, said the purchase of Richards will be help CooperVision diversify into other surgical specialties and provide for continued growth into the next decade.

Rorer’s president and chief executive officer, Robert E. Cawthorn, said the sale of its surgical products operations will help Rorer concentrate “on expanding our core business--pharmaceuticals.”

Rorer’s annual worldwide pharmaceutical sales are expected to exceed $750 million in 1986 following its acquisition of Revlon’s ethical pharmaceutical business earlier this month.

Concentrate on Pharmaceuticals

“In examining our portfolio of our businesses,” Cawthorn said, “we concluded that pharmaceuticals are what we know best and present the most significant opportunities for Rorer’s future growth. Our decision to divest was accelerated by CooperVision’s offer, which fully met our expectations and assured us of an early completion of the transaction.”

Proceeds from the divestiture will be used by Rorer to reduce the debt incurred in acquiring the Revlon ethical pharmaceutical business.

The proposed deal, which still must be approved by both companies’ boards of directors, is scheduled to close at the end of February.