Connect with us

Headlines

Eyecare Management Firm Acquired by Goldman Sachs Division

The deal is expected to close in the 3rd quarter.

mm

Published

on

Capital Vision Services LP, which provides management services to MyEyeDr. O.D.’s optometry practices, is being acquired by the Merchant Banking Division of Goldman Sachs.

The division is buying Capital Vision from Altas Partners and Caisse de dépôt et placement du Québec (CDPQ).

Financial terms of the deal were not disclosed. The transaction is expected to close in the third quarter of 2019 subject to customary closing conditions and regulatory approvals.

Capital Vision provides financial, marketing, human resources and accounting services, along with managed care credentialing and claims processing.

“We are thrilled to partner with GS MBD as we turn to the next chapter of our growth and champion a new path for eye care,” said Sue Downes, co-founder and CEO of CVS. “GS MBD’s funds have a long and established track record of successfully scaling healthcare companies, and we look forward to leveraging their expertise as we provide even more patients access to the latest in vision care technology.”

Downes added: “We also thank Altas and CDPQ for their partnership and invaluable support these last several years. By leveraging their operational expertise and strategic insight, we were able to significantly enhance our capabilities, processes and systems and strengthen our senior management team with the addition of multiple key hires.”

Advertisement

Jo Natauri, global head of healthcare investing for the Goldman Sachs Merchant Banking Division, said, “We are very excited to announce this transaction and mark the beginning of the next chapter of CVS’ success. We look forward to partnering with this talented management team and building on their foundation of commercial and operating excellence. CVS has a proven consumer-directed healthcare model that champions optometrists and promotes eye health. We are proud to support the Company’s continued growth and pleased about this new investment, which expands our portfolio in the healthcare services sector.”

Scott Werry, a managing partner of Altas, stated, “We are extremely proud to have partnered with Sue Downes, David Sheffer and the entire CVS management team during this time of tremendous growth and development for the Company. At the time of our investment in 2015, CVS managed 165 practices in 7 states; by the end of this year, the Company’s footprint will have grown to 575 practices in 18 states nationwide. CVS is well ahead of schedule in achieving our strategic vision for the business, which was focused on significantly enhancing its scale and scope while delivering improved patient outcomes across its affiliated practices.”

Stéphane Etroy, executive vice-president and head of private equity at CDPQ, said, “CVS achieved tremendous success in growing the Company during the past few years. This is now a world-class organization that is poised for continued growth in the coming years. It is a great experience to work alongside an exceptional management team such as the one leading CVS and support them with the right mix of strategic input and tools that enable them to thrive.”

Since launching in 2014, INVISION has won 23 international journalism awards for its publication and website. Contact INVISION's editors at editor@invisionmag.com.

Advertisement

SPONSORED VIDEO

SPONSORED BY REICHERT

When You’re Passionate About Eye Care, the Right Technology Matters

Lisa Genovese, O.D., strives to give her patients the very best. At Insight Eye Care’s multiple locations, Dr. Genovese provides optimal care for her patients using the Reichert® Phoroptor® VRx Digital Refraction System. In this second Practice Profile Video from Reichert’s “Passionate About Eye Care” series, take a closer look and see how this eye care professional achieved a better work-life balance with equipment that’s designed and engineered in the U.S.A.

Promoted Headlines

Headlines

Several Eyecare Drugs in Short Supply, FDA Says

They include staple items.

mm

Published

on

Thirteen ophthalmic drugs or products are currently in a state of shortage, according to the U.S. Food and Drug Administration.

They include solutions, ointments, emulsions, suspensions and injections, the American Optometric Association reports. Another four ophthalmic products were recently discontinued altogether.

The FDA claims in a new report that older, lower-cost drugs face supply troubles far more often than brand-name options, AOA reports. Among the ophthalmic drugs or products in shortage are staple items such as fluorescein strips and solutionsdilation dropsglaucoma medicationsantibiotics and antivirals.

According to AOA:

Published Oct. 29 by an FDA-convened inter-agency Drug Shortages Task Force, the report, “Drug Shortages: Root Causes and Potential Solutions,” analyzed 163 drugs that went into shortage from 2013 to 2017 and found the majority were “financially unattractive drugs” for manufacturers. Of the 163 drugs, 109 (67%) had generic versions on the market and had a median time since first approval of nearly 35 years. So many years off patent, these drugs sold for a median per unit price of only $8.73, the FDA notes.

AOA Chief Public Health Officer Michael Duenas, OD, said, “A doctor of optometry, in their public health role, should monitor services and needed supplies to determine that they are useful and accessible to all individuals within their community who may need that particular service or supply. Doctors of optometry are encouraged to report deficiencies to the AOA and agencies overseeing shortages, such as FDA’s Center for Drug Evaluation and Research (CDER) Drug Shortage Program at drugshortages@fda.hhs.gov.”

Continue Reading

Headlines

Japanese Women Seek Right to Wear Eyeglasses at Work

Some companies require female workers to wear contacts instead.

mm

Published

on

Women in Japan are calling for an end to company policies that forbid them from wearing eyeglasses, Fortune reports.

The issue appeared in the news recently, with Nippon TV reporting on companies that have such a ban in place, requiring female employees who need vision correction to wear contact lenses instead. That report sparked the hashtag “glasses ban” on Twitter.

Fortune quoted Banri Yanagi, a 40-year-old sales associate in Tokyo, saying, “The emphasis on appearance is often on young women and wanting them to look feminine.”

Yanagi added that it’s “strange” to prohibit eyeglasses for women but allow them for men.

Employees have also rallied against requirements at some companies for women to wear makeup and/or high heels.

Read more at the Fortune

Continue Reading

Headlines

Eye Health Firm Plans Job Cuts

It will focus resources on Dextenza.

mm

Published

on

BEDFORD, MA — Ocular Therapeutix Inc., a biopharmaceutical company focused on therapies for eye conditions and diseases, announced an operational restructuring plan.

The plan is expected to result in about $11 million in annualized savings through personnel reductions and $14 million in “one-time program deferrals,” according to a press release. The company did not say how many jobs would be cut.

With the restructuring, the company is looking to focus resources on Dextenza, an FDA-approved corticosteroid indicated for the treatment of ocular inflammation and pain following ophthalmic surgery.

“We have elected to restructure Ocular in order to maximize the opportunity we have with DEXTENZA and our pipeline,” said Antony Mattessich, president and CEO. “We will use a portion of the savings generated to increase the size of our commercial field force to broaden our national reach and increase DEXTENZA promotional capabilities. Additionally, the savings are anticipated to extend our cash runway through the end of 2020 and provide an improved financial position as we build the Company for the long term.”

According to the press release:

The restructuring represents a strategic realignment and commitment by the Company to allocate capital and resources to maximize the commercial opportunity of DEXTENZA® and focus resources on progressing key pipeline assets, including completion of its DEXTENZA Phase 3 trial in allergic conjunctivitis and completion of Phase 1 trials of OTX-TIC for the treatment of glaucoma and ocular hypertension and OTX-TKI for the treatment of wet age-related macular degeneration. The Company believes the savings, combined with projected sales of DEXTENZA and cash and cash equivalents, will result in an extension of the Company’s current cash runway through the fourth quarter of 2020.

Continue Reading

Advertisement

Advertisement

Subscribe


BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Advertisement

Most Popular