Dynamic Healthcare M&A Database

Acquiring Party	Hoya Corporation (TYO:7741), a Japanese based major manufacturer of optical glass and active in electro-optics, photonics, vision care, healthcare and crystal products.
Transferring Party	Pentax Corporation, a US based manufacturer of cameras and imaging products.
Sector	Medical Devices
Date	October 1, 2007
Analysis Makes Hoya and Pentax more competitive in the digital imaging field against rivals Olympus and Konica Minolta. This deal manifests increasingly tough competition, with both camera makers like Pentax and Nikon struggling against electronics giants like Sony and Samsung. Falling prices have lowered margins, spurring M&A activity. Here, Hoya and Pentax can leverage their respective competitive R&D and other attributes. In late 04, Pentax bought minimally invasive instrument maker Microline for $48m and endoscope manufacturer Kay Elemetrics in 2005 for an undisclosed amount. These strategies failed to keep it independent. Deal value -- $771m, on - $663M in sales (1.2x).
The Walden Group is a leading healthcare investment banking firm specializing in mergers, acquisitions and strategic transactions. It also invests its own funds and, together with its expert operational partners, provides value-added services to help special companies reach critical milestones. This information is copyright © 2004-2007 The Walden Group, Inc. This information is provided as a service to the public but remains the intellectual property of The Walden Group, Inc and may not be reproduced in any manner without the written permission of The Walden Group, Inc. The information contained in the transactions table was derived from publicly available and other sources. Transaction analysis and other information are based, in part, upon public comments, Walden Group research and judgments, and reporting and research of others. The information is not intended to be relied upon as pronouncements by the transaction participants or for any other reason.

Dynamic Healthcare M&A Database - 4Q07