Chiron Opthalmics Pays $40 Million for Florida Lens Maker

Chiron Opthalmics Inc. and its parent company on Monday announced the acquisition of a Florida manufacturer of artificial lenses and instruments used for cataract surgery in a stock transaction valued at about $40 million.

Chiron Opthalmics, based in Irvine, and parent Chiron Corp. of Emeryville will acquire IntraOptics Inc., a private manufacturer of intra-ocular lenses based in Boca Raton, Fla., in exchange for 565,000 shares of Chiron stock. The $40 million purchase price is based on on the market value of Chiron common stock over the past 15 days, Chiron officials said.

Chiron received FDA approval last month to market its Chiroflex brand of foldable silicone lenses for use in cataract surgery. But the company lacked the sales force it needed to challenge its main competitor, Allergan Inc. of Irvine, Chiron officials have said.

Both companies manufacture artificial lenses that replace the natural lens inside the eye that becomes clouded as patients develop cataracts. Last year, Allergan introduced the first foldable lens, called the PhacoFlex, which can be inserted into the eye through a smaller incision and thus causes fewer complications.

Chiron stock, which is traded over the counter, closed Monday at $70.25 per share, up $2.75.