The deal includes CRT Contact Lenses.
PLEASANTON, CA — CooperVision Inc. has acquired Paragon Vision Sciences, a provider of orthokeratology, specialty contact lenses and oxygen permeable rigid contact lens materials.
The transaction is valued at about $80 million, according to a press release.
The deal includes Paragon’s widely used CRT Contact Lenses, worn while sleeping, that treat myopia. It also expands CooperVision’s access to the Chinese myopia management market, in which Paragon has a presence.
“Collaborating with Paragon not only provides an opportunity to grow our myopia management presence worldwide, but also deepens and broadens the way in which we help improve the way people see each day,” said Andrew Sedgwick, executive vice president, strategy and business development, CooperVision.
Paragon, headquartered near Phoenix, AZ, will continue to operate as an independent, retaining its offices and brands. Customers should continue to work with their current representatives, the release states.
Rich Jeffries, president of Paragon, will remain with the company, responsible for its day-to-day operations. He said, “This strategic acquisition benefits our employees, eyecare professionals and patients around the globe. By combining CooperVision’s considerable resources and expertise with Paragon’s technologies, materials and presence in markets such as China, we’ll accelerate the fight against myopia, which is expected to affect half the world’s population by 2050.”
Former Paragon CEO Joe Sicari will become a consultant to CooperVision.
CooperVision acquired specialty contact lens leaders Soflex and Procornea in 2016 and 2017, respectively.