Bausch & Lomb is in negotiations to acquire China's leading ophthalmic pharmaceutical firm. The company is to acquire a 55 per cent controlling share interest in the Shandong Chia Tai Freda Pharmaceutical Group (CTF) from Sino Biopharmaceutical for £114m.
CTF develops, manufactures and markets medications used to treat ocular inflammation and infection, glaucoma and dry eye. In 2004, the company recorded sales of £32m. Earlier this year optician (May 6) reported that there are around 4,000 optical manufacturers and 20,000 optical retail outlets in China. The total eyewear market is estimated to be worth US$1.34bn.
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