"We will buy out Genticyn and Albucid, two eye-drop brands, from nicholas piramal to complement our existing eye care range," Allergan India managing director KBR Menon said. Industry analysts in Mumbai say the deal may involve a consideration of around Rs 6-7 crore, though no official confirmation could be got. Menon, however, declined to divulge details of the transaction saying the company's board was yet to take a final decision. "The formalities are expected to be completed by the end of this month," he said. The board meeting is believed to be scheduled next week.

Albucid (sulphacetamide) is essentially prescribed for the treatment of conjuctivitis, stye injuries and trachoma. Genticyn B (gentamicin sulphate) eye and ear drops is used to treat chronic otitis mediaand allergic and inflammatory conditions of the ear.

Allergan India is a 51:49 joint venture between Allergan Inc of the US and Nicholas Piramal. The joint venture was set up with the aim of concentrating on the eye care market, and also taking over the Indian parent Nicholas Piramal's brands in this segment. Key products handled by the venture include Quinobact, Tearplus, Chromozil, Betagan and Genoptic.

Elaborating on AIL's future plans, Menon said in addition to the two acquisitions, the joint venture company will also launch at least four more eye care brands by the end of this fiscal.

"At present, we have five per cent of the Rs 22-crore eye-care market's share in India. We plan to double this by aggressive brand promotions and intensive research & development (r&d) activities," Menon said. Incorporated in 1994, AIL began operations in 1996 and till date the American parent has invested eight crore via equity in the venture.

"Besides the equity investment, the company has also taken onemillion-dollar worth long-term loans to fund acitivites like brand acquisitions and other expansion plans," Menon said.

Denying any immediate plans by Allergan Inc to hike equity invetsment in the Indian venture, Menon said the present debt-equity ratio was likely to be maintained in the near future.

"The debt-equity ratio at present is 1:2, which is ideal in the present circumstances. Any further investment by Allergan Inc will depend upon how the Indian market grows over the next couple of years," he said.

In line with its aggressive expansion plans, AIL on Tuesday launched "new complete comfort plus", a contact lens care solution. "New complete comfort plus is specifically designed to combat lens care problems associated with polluted environment in India," Menon said while launching the product here today. "With the unique combination of `HPMC', a widely used comfort ingredient in many opthalmic preperations, and tyloxapol which is a special lubricant, we have created a lens care system thatprovides true user comfort," he added.