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Glaukos to Acquire Avedro

The deal ‘establishes the cornerstone for Glaukos’ new corneal health franchise.’

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SAN CLEMENTE, CA — Glaukos Corp. plans to acquire Avedro Inc. in an all-stock deal, the companies announced.

The transaction, which has been approved by the board of directors of both companies, is expected to be completed in the fourth quarter. It is subject to Avedro (Nasdaq: AVDR) stockholder approval along with other customary closing conditions and regulatory approvals.

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Glaukos (NYSE: GKOS) is an ophthalmic medical technology and pharmaceutical company focused on therapies for the treatment of glaucoma, corneal disorders and retinal diseases. Avedro is a hybrid ophthalmic pharmaceutical and medical technology company focused on treating corneal disease and disorders.

The acquisition “combines two complementary, hybrid ophthalmic pharmaceutical and device organizations and establishes the cornerstone for Glaukos’ new corneal health franchise, providing synergistic avenues for potential long-term growth in large, underserved markets,” according to the release.

“Avedro is an ideal fit for Glaukos’ core strengths in creating and disrupting ophthalmic markets with novel therapies that address important unmet clinical needs of practitioners and patients,” said Thomas Burns, Glaukos president and CEO. “Avedro has in place many of the same strategic attributes Glaukos used to pioneer MIGS, including proprietary paradigm-changing solutions, extensive clinical validation, broad reimbursement and first-to-market status. Our combined organizations can possess the essential expertise, scale and reach to maximize these opportunities, drive further commercialization of Avedro’s bio-activated pharmaceuticals and establish another synergistic and durable Glaukos franchise to fuel potential near- and long-term growth and shareholder value.”

Avedro’s platform uses its proprietary bio-activated, single-use Photrexa drug formulations to strengthen corneal tissue and halt progression of keratoconus, a degenerative corneal ectatic disease that affects approximately 1.1 million eyes in the U.S. Conventional treatments address symptoms but the Avedro platform is the first and only FDA-approved therapy that can stop disease progression, according to the release. Avedro estimates the total U.S. opportunity for its keratoconus therapy to be approximately $3 billion.

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“Avedro is extremely pleased with the potential to become part of Glaukos, a highly-respected ophthalmic organization with a successful track record forging new markets with disruptive technologies like our keratoconus pharmaceutical therapies,” said Reza Zadno, Avedro president and CEO. “Glaukos already has deep customer relationships with the majority of our target accounts, and a large, seasoned field organization that can unite with our team to accelerate awareness, adoption and utilization of our novel platform. In addition, Glaukos will bring its extensive clinical and regulatory resources to bear to help advance our promising pipeline therapies. I believe this transaction can benefit customers, employees and patients, while creating value for shareholders through ownership in a combined company with the expertise, scale and resources to drive meaningful future growth.”

Under the terms of the merger agreement, for each share of Avedro common stock they own, Avedro shareholders will receive an exchange ratio equivalent of 0.365 shares of Glaukos stock.

The transaction represents a 42% premium for Avedro shareholders, according to the release. Upon closing, Glaukos shareholders are expected to own approximately 85% of the combined company, with Avedro shareholders to own the remaining 15%.

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

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Eyecare Pros Rate Their Happiness with Work … and Life

Results of the 2019 Big Survey are in. Here’s a sample.

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IN INVISION’S FIRST annual Big Survey, we asked ECPs their overall satisfaction with their professional lives … as well as their overall satisfaction with life.

The good news? As a group, ECPs are happy with their careers, reporting an average of 7.9 on a scale from 1 to 10 (1 being “extremely dissatisfied” and 10 being “totally satisfied”). The better news? You’re happier with your life as whole. The average response there was 8.2 on a scale from 1 to 10.

The happiest among you in both areas? Owners of eyewear boutiques without an affiliated OD.

The 2019 Big Survey was conducted from August to October and attracted responses from more than 500 American ECPs. Look out for all the full results in the November/December issue of INVISION.

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Everything Is Bigger in the South, Including Eyecare Practices

Results of the 2019 Big Survey are in. Here’s a sample.

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SEEMS THAT EVERYTHING is bigger in the South, according to INVISION’s Big Survey. The Northeast is home to a disproportionate number of smaller vision businesses, while bigger practices are most common in the South. Thirty-one percent of the small stores/practices in our survey — those with less than 1,500 square feet — were in the Northeast, while 41 percent of the big ones — those over 3,000 square feet — were in the South. These large operations were mostly either private practices with a focus on retail or medical model private practices with a small dispensary.

How big is your (main) location?

Less than 500 sq. ft
4%
500-999 sq. ft.
10%
1,000-1,499 sq. ft.
24%
1,500-1,999 sq. ft.
17%
2000-2499 sq. ft.
15%
2500-2999 sq. ft.
11%
3000-3,999 sq. ft.
8%
4,000-5000 sq. .ft.
6%
More than 5000 sq. ft.
5%

The 2019 Big Survey was conducted from August to October and attracted responses from more than 500 American ECPs. Look out for all the full results in the November/December issue of INVISION.

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Which State Has the Hardest-Working ECPs? And Which State Has the Weirdest? INVISION’s Big Survey Tells All!

Results of the 2019 Big Survey are in. Here’s a sample.

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INVISION’S FIRST ANNUAL Big Survey found out a lot of interesting information about the American ECP… even our Canadian friends to the north weighed in. We started with the basics, and they did not disappoint! Want to know which state has the most female owners, or which one has the weirdest ECPs? Here are few quick takes from the 2019 survey:

Californian ECPs were the least likely to own their places of business, with 82 percent renting.

Kansans were most likely to be open on Sunday with one in four stores and practices open on this traditional “rest” day.

They don’t take kindly to strangers asking questions in South Dakota. South Dakota, Louisiana and New Mexico were the only states not represented in our survey.

Michigan ECPs are some of the hardest working in the industry: 25 percent work more than 50 hours a week.

Florida had the most male owners and managers in our survey at 76 percent. Washington state had the most female owners at 86 percent.

Connecticut was tops for self-declared weirdness with ECPs there giving themselves an average score of 8.2 out of 10 on our weirdness scale.

The 2019 Big Survey was conducted from August to October and attracted responses from more than 500 American ECPs. Look out for all the full results in the November/December issue of INVISION.

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