Cooper Cos., parent company to the contact lens giant CooperVision announced on 1 July 2014 that they will be purchasing European rival Sauflon Pharmaceuticals Ltd.  Sauflon, is a maker and distributor of soft contact lenses and solutions.  The estimated $1.2 billion takeover is expected to take place before the end of October.

In a statement, Cooper Cos. CEO Robert S. Weiss said the deal gives CooperVision “the world’s most comprehensive portfolio of daily disposable lenses. CooperVision will now be able to offer a multitier daily strategy that includes a full suite of silicone hydrogel and hydrogel lenses, including options within all categories — spheres, torics and multifocals.

Sauflon confirmed that its managing directors and senior leadership teams will stay on in the business after the purchase is complete “to assist with and manage the integration.”

In a statement, Sauflon said: “This is an exciting new chapter for both companies, as Sauflon’s unique product range can be taken to more markets globally in a faster timescale, so more patients can benefit from the unique technology that Sauflon has developed.”

The deal is currently subject to regulatory approval and is expected to close by the end of the fiscal year on October 31. It will be financed with offshore funds and credit, Cooper said in a statement.

When completed, the acquisition will increase Cooper’s overall global contact lens marketshare, taking it from 19% to 21%, and therefore strengthening its number three position, Mr Weiss said during a conference call regarding the purchase last night (June 30).

He added that in Europe, the purchase will boost Cooper’s marketshare from 24% to 30%, “making us a solid number two player behind Alcon.”