UK-based Halma has acquired Switzerland's Medicel AG, together with its subsidiary Robutec GmbH. The initial cash consideration is CHF70.0 million (about $75.5 million) and is adjustable based on the level of net tangible assets at closing.
Medicel designs and manufactures single-use injector devices for intraocular lenses used in cataract surgery, including the Naviject system. Robutec is a specialist medical device assembly and packaging business and is Medicel's largest supplier. Medicel and Robutec will operate as a single company within Halma's Health and Analysis sector as part of the Health Optics group of businesses.
"Cataracts are the leading cause of treatable blindness in the world, with approximately 15 million surgeries performed annually," Andrew Williams, Halma's CEO, says in a statement. "There is a migration towards single-use IOL injectors where Medicel have established a strong market position with products that allow surgeons to use a smaller incision size leading to improved patient safety and outcomes."
Halma's shares rose on the news of the buy. And, according to London South East, analysts were positive about the news. "We think the deal looks a good fit and one in which the group should be able to leverage its larger sales/marketing infrastructure," analysts at Investec were quoted as saying.
Analysts at Goldman Sachs say the acquisition will strengthen Halma's health optics segment, "and is likely to be well received, particularly considering the trends towards an aging population," London South East notes.
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