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AMO contact solution

This article was originally published in The Tan Sheet

Executive Summary

Advanced Medical Optics announces July 23 it will ship a multipurpose solution in early August and expects the product will be widely available by early September. The new product will focus on "comfort and disinfection efficacy incorporating the importance of proper handling and care of contact lenses," the Santa Ana, Calif.-based firm says. The company recently recalled its Complete Moisture Plus after the Centers for Disease Control and Prevention reported a potential link between the product and Acanthamoeba keratitis, a rare eye infection (1"The Tan Sheet" June 4, 2007, In Brief). Separately, the firm says it "continues to believe in the strategic and financial rationale" for acquisition of Bausch & Lomb. AMO says it "reaffirms" its $75 per share offer which is "clearly superior and would deliver more value to B&L shareholders than the current $65 per share merger agreement with Warburg Pincus"...

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B&L/Warburg Pincus merger

Bausch & Lomb shareholders voted to approve the proposed merger with affiliates of Warburg Pincus LLC at a meeting of shareholders Sept. 21, the firm announces. According to the merger agreement, at closing, each outstanding share of common and Class B stock of Bausch & Lomb will be cancelled and converted into the right to receive $65 in cash, without interest. Affiliates of Warburg Pincus are not required to consummate the deal until after a 20-day "marketing period" following the shareholder vote. Subject to customary closing conditions, the firms expect the transaction to close early in the third quarter. In July, Advanced Medical Optics restated an earlier acquisition offer for Bausch & Lomb of $75 per share (1"The Tan Sheet" July 30, 2007, In Brief)...

AMO sales

Advanced Medical Optics announces Aug. 2 its second-quarter net sales rose 1.7% to $261.4 mil. in part due to the April 2007 acquisition of IntraLase Corp. Recently AMO recalled its MoisturePlus product, which the firm estimates reduced eye care sales by $54 mil. (see next item). The Santa Ana, Calif.-based firm says the reduced sales include $31 mil. in returns and $23 mil. in lost sales. As a result, the company reported negative multipurpose sales of $7.8 mil. The firm also incurred recall-related costs of approximately $27 mil. AMO also says it began shipments this week of a Complete brand multipurpose solution it expects will be available to U.S. and European practitioners in late August (1"The Tan Sheet" July 30, 2007, In Brief). In addition, R&D expense rose 24.8% to $20.7 mil. or approximately 7.9% of sales compared to 6.4% in the 2006 second quarter...

AMO recalls Complete MoisturePlus

Advanced Medical Optics recalls the multipurpose contact lens solution after the Centers for Disease Control and Prevention reports a potential link between the product and Acanthamoeba keratitis, a rare eye infection, the Santa Ana, Calif.-based firm announces May 25. AMO says it voluntary initiated a worldwide recall out of "an abundance of caution" in response to reports 46 people had developed AK, 21 of whom used Complete MositurePlus the month prior to symptom onset. AMO adds the current recall is unrelated to reports of the fungal infection Fusarium keratitis that led to Bausch & Lomb's worldwide recall of its ReNu with MoistureLoc contact lens solution in 2006 1("The Tan Sheet," April 17, 2006, p. 5)...

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