Solbec buys Asian health business

BENTLEY-BASED Solbec Pharmaceuticals Ltd is set for a full corporate re-launch after entering into an option agreement to acquire an Asian eye care business. Solbec has executed an agreement to acquire VISTA Laser Eye Center Sdn Bhd, which owns two clinics with more in the pipeline, specialising in cataract and refractive eye surgery in Malaysia and neighbouring countries. Solbec general manager David Sparling told WA Business News the company has been looking intently at Vista over the past three months following a decision to move away from the drug development sector. “Drug development is a particularly difficult place to be in right now. We’ve seen spectacular failures of a number of Australian companies trying to raise money from the market,” Mr Sparling said. As part of the business repositioning, Solbec directors have also proposed a name change to Freedom Vision Australasia, subject to shareholder approval. The Vista acquisition is currently under due diligence with a potential deal expected to be finalised by the end of the year. Mr Sparling added that the company has not yet decided on whether a capital raising is necessary to fund the acquisition. He said the company has access to funds from a number of different avenues. Financial details of the acquisition have yet to be released.

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