EssilorLuxottica and CooperCompanies announced that they’ll create a joint venture for the acquisition of SightGlass Vision, which is developing lenses to reduce myopia progression in children.
SightGlass Vision’s technology “will complement both companies’ existing solutions, including Essilor’s Stellest lens and CooperVision’s MiSight and Orthokeratology contact lenses,” according to a press release.
The 50-50 venture will acquire SightGlass Vision from CooperCompanies. The closing of the acquisition and creation of the joint venture is subject to regulatory approvals and other customary closing conditions. CooperCompanies previously held a minority ownership interest in SightGlass Vision and completed its acquisition of the company in January.
“EssilorLuxottica is a pioneer and global leader in the vision space and expanding our relationship to better tackle the rapidly growing myopia management marketplace is extremely exciting,” said Al White, CooperCompanies CEO and president. “By combining our strengths, we look forward to increasing the life-changing offerings available to global eye-care-practitioners to combat childhood myopia. This partnership is a natural extension to our existing portfolio of innovative myopia management products, including MiSight contact lenses, and we firmly believe this partnership will strengthen our ability to accelerate those offerings.”
“We are excited to join forces with CooperCompanies, a company with a strong track-record in addressing major vision conditions, including myopia, and leverage together the SightGlass Vision technology,” Francesco Milleri and Paul du Saillant, respectively CEO and deputy CEO of EssilorLuxottica, said in a joint statement. “This partnership is fully consistent with EssilorLuxottica’s strategy to improve access to vision care, including solutions that can control myopia progression. The complementarity of our existing solutions, including Essilor’s recent Stellest lens, with SightGlass Vision’s promising technology will further strengthen our offer by providing advanced products answering to the growing needs of customers and consumers worldwide.”
