PHARMACIA CONTINUES BUYING SPREE WITH ACQUISITION OF INTERMEDICS INTRAOCULAR

Pharmacia's third acquisition in the last two months is Intermedics Intraocular, a Pasadena, California-based mfr. of intraocular lenses. According to an Aug. 4 announcement of the signing of a letter of intent to acquire, the anticipated purchase price is $67.5 mil. Intermedics Intraocular has annual sales of $35 mil. and "approximately 9% of the domestic intraocular lens market," Pharmacia said. In addition to its interest in Intermedics Intraocular, Pharmacia reached an agreement early last month to acquire AB Leo, the Swedish drug firm which specializes in cancer products, for $430 mil. Earlier in the summer, Pharmacia agreed to purchase pump maker Deltec of St. Paul, Minn. With the acquisitions, the company "is moving toward its goal of becoming a leading player in the global health-care and biotechnology arenas," Pharmacia President Erik Danielsson stated. Specializing in intraocular lenses that are implanted during cataract surgery as replacements for natural eye lenses, the Intermedics Intraocular ophthalmics business is a good fit with Pharmacia's Healon, a hyaluronic acid product used in eye surgery. "Since the introduction of Healon," Pharmacia said, "cataract operations in the U.S. jumped dramatically from 150,000 in 1980 to 1 mil. by last year." Intermedics Intraocular is a former unit of cardiac pacemaker mfr. Intermedics, Inc. In June the company was bought by First Chicago Venture Capital and management. The company employs about 265 people. Commenting on the proposed acquisition, Pharmacia Ophthalmics President Jan-Erik Engkvist said: "Intermedics Intraocular would provide significantly positive synergies for our long-term structural plan in ophthalmics. The acquisition would substantially strengthen our position in the U.S. and enhance coordination for all key markets, with noteworthy benefits in Japan and Europe."