Him Vision Subsidiary Sells Stake in Belkin Vision Ltd. to Alcon

　　C-MER Medical(03309) announced that its wholly-owned subsidiary, HONG KONG (INTERNATIONAL) EYE CARE GROUP LIMITED (Hong Kong Eye Care), has sold its equity in BELKIN Vision Ltd. (the "Sold Company") to Alcon Pharmaceuticals Ltd (Alcon). As of December 31, 2023, the book value was HKD 23.3 million and classified as a financial asset measured at fair value through other comprehensive income. The consideration is as follows: a fixed cash payment of approximately USD 6.4 million upon completion; and a contingent consideration not exceeding USD 17 million, which is based on the company's best estimate and depends on whether milestones related to annual sales targets are achieved.

Before the completion of the sale, HONG KONG (INTERNATIONAL) EYE CARE GROUP LIMITED held approximately 10.7% equity interest in the sale company or 8.6% on a fully diluted basis.

The company being sold is primarily engaged in the development and commercialization of the Eagle™ laser device, with the aim of providing first-line glaucoma care. To the best of the directors' knowledge, information, and belief, the company’s product received the CE mark under the new European Medical Device Regulation (MDR) in May 2022 and obtained approval from the U.S. Food and Drug Administration (FDA) in December 2023.

The Company expects to record a pre-tax gain of approximately US$6.4 million from the fixed cash consideration in other comprehensive income, with an estimated amount of HK$26 million.

Editor: Lu Yu Jun