Bausch & Lomb to Buy Chiron Eye Unit

Bausch & Lomb Inc. said it agreed to buy Chiron Corp.’s eye-products unit for $300 million in cash to expand in the $25-billion global eye-care market. Chiron Vision Care develops and makes products for improving cataract and other eye surgeries, and for the treatment of progressive eye diseases. The unit had sales of $211 million in 1996, Bausch & Lomb said. The purchase comes amid a major restructuring at Bausch & Lomb, as it seeks to trim $100 million in costs and return its lagging sunglasses unit to profitability. The Rochester, N.Y.-based company said it plans to aggressively expand in the ophthalmic industry, primarily by making additional acquisitions. Bausch & Lomb stock rose 13 cents to close at $42.13 on the New York Stock Exchange. Shares of Chiron, an Emeryville-based biotechnology company, rose 25 cents to close at $22.06 on Nasdaq.