EssilorLuxottica and CooperCompanies have entered into an agreement to
create a 50/50 joint venture for the acquisition of SightGlass Vision, a U.S.
based life sciences company focused on developing innovative spectacle lenses
to reduce the progression of myopia in children.
EssilorLuxottica and CooperCompanies will leverage their shared
expertise and global leadership in myopia management to accelerate the
commercialization of SightGlass Vision spectacle lenses. Through this
partnership, they will further strengthen innovation opportunities and
go-to-market capabilities to grow the myopia control category. SightGlass
Vision’s technology will complement both companies’ existing solutions,
including Essilor’s Stellest lens and CooperVision’s MiSight and Orthokeratology
contact lenses.
Today affecting 2.6 billion people worldwide, it is estimated that
nearly 5 billion people, or half of the world population, will be myopic by
2050. By combining their scientific expertise and product development
capabilities, EssilorLuxottica and CooperCompanies intend to increase awareness
and offer additional solutions to help address this global eye health issue.
“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. 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,” said Francesco Milleri and Paul du Saillant,
respectively CEO and Deputy CEO of EssilorLuxottica.
“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. 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,” said Al White, CooperCompanies CEO and
President.
The joint
venture will acquire SightGlass Vision from CooperCompanies, and 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 SightGlass Vision in January 2021.
Click HERE for the full press release.
