Report

CooperVision acquires contact lens supplier in $100m deal

The multinational parent company of CooperVision announced the acquisition of Paragon Vision Sciences for US$80 million (AU$104.63 m) late last week, in a deal that included the widely used CRT Contact Lenses, which are worn while sleeping to treat myopia.It also expands CooperVision’s footprint in China’s burgeoning myopia managent market, as Paragon is already well established there.{{quote-a:r-w:400-I:2-Q:“The acquisition of Paragon strengthens CooperVision’s industry-leading specialty lens business through the addition of several successful products.”-WHO:Robert Weiss, Cooper Companies}}Commenting on the transaction, Cooper Companies’ president and chief executive officer Mr Robert Weiss, said, “The acquisition of Paragon strengthens CooperVision’s industry-leading specialty lens business through the addition of several successful products which will be a great fit within our existing product portfolio.”It’s understood Paragon will continue to operate as an independent yet complentary business and retain its offices and brands. The president of Paragon, Mr Rich Jeffries, will rain with the company and oversee its day-to-day operations.“This strategic acquisition benefits our ployees, eyecare professionals and patients around the globe,” Jeffries said.“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.”CooperVision previously acquired specialty contact lens leaders Soflex and Procornea in 2016 and 2017, respectively.