Cooper Agrees to Buy Rival Ocular Sciences

Vision care products maker Cooper Cos. said that it agreed to buy rival Ocular Sciences Inc. for $1.2 billion in cash and stock, in a bid to create the world’s third-largest contact lens company.

Pleasanton, Calif.-based Cooper said it was offering $44 a share in cash and stock for Ocular, including $600 million in cash and 10.3 million new Cooper shares.

Ocular Sciences, based in Concord, Calif., is the No. 5 maker of contact lenses and has projected 2004 revenue of $342.4 million. Cooper would gain better access to Japan and the Asia-Pacific region, while Ocular’s products would gain broader access in Europe, the companies said.