Way clear for WJ purchase by Ciba

US-based Wesley Jessen Vision Care is to be bought by Novartis AG, which owns Ciba Vision, after the waiting period under US antitrust rules expired. Ciba announced it was to acquire all outstanding shares of WJ for US$38.50 a share, valuing WJ at US$785m earlier this year (News, June 2). Combined, Ciba Vision and Wesley Jessen reported US$1.4bn pro-forma sales for 1999 and employed 8,900 people. 'We are now able to move forward with combining Ciba Vision and Wesley Jessen into the leading firm in the contact lens industry,' said Glen Bradley, chief executive officer of Ciba Vision. 'Wesley Jessen brings Ciba Vision an exciting range of products that complement our existing brands as well as technological expertise, especially in the area of specialty lenses. Ciba Vision's established global sales and marketing operations will greatly expand the global reach of Wesley Jessen's product lines. 'As a result of the combination, our customers can expect a steady flow of new products and unique vision correction options.' The approval of the purchase ends a period of uncertainty surrounding WJ's future this year. Bausch & Lomb conducted a series of well-publicised attempts to take over WJ. Its hostile bid was first tendered in March, but after Novartis stepped in during May it withdrew its final offer of US$35.55 per share. The deal also ended developments which would have led to a merger between WJ and Ocular Sciences. Ciba paid Ocular Sciences a US$25m termination fee after its acquisition plans were made known.