CDH, China Grand Pharma buddy up for Shangai Weicon contact lens buyout

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contact lensChinese private equity firm CDH Investments has teamed with China Grand Pharmaceutical & Healthcare to buy a majority stake in contact lens maker Shanghai Weicon Optical.

The $78.7m deal will see the pair pick up just over 71 per cent of the business according to a regulatory filing.

CDH will hold 19 per cent of Shanghai Weicon by parting with $21m, with China Grand Pharma holding the balance of the investment.

The pair have also agreed to invest $15m in the future growth of the company, with $4m of this coming from CDH.

Shanghai Weicon has more than 30 per cent share in the Chinese contact lens market.

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