EssilorLuxottica and CooperCompanies have entered into an agreement to create a 50/50 joint venture for the acquisition of SightGlass Vision, a US based life sciences company focused on developing spectacle lenses to reduce the progression of myopia in children.
In a statement, EssilorLuxottica and the CooperCompanies stated they would “leverage their shared expertise and global leadership in myopia management to accelerate the commercialisation of SightGlass Vision spectacle lenses”. Through this partnership, the two companies said they intended to “further strengthen innovation opportunities and go-to-market capabilities to grow the myopia control category.”
“We are excited to join forces CooperCompanies, a company with a strong track-record in addressing major vision conditions, including myopia, and leverage together the SightGlass Vision technology,” said Francesco Milleri and Paul du Saillant, respectively CEO and deputy CEO of EssilorLuxottica. “This partnership is fully consistent with EssilorLuxottica’s strategy to improve access to vision care, including solutions that can control myopia progression.”
Al White, CooperCompanies CEO and president, commented: “By combining our strengths, we look forward to increasing the life-changing offerings available to global eyecare practitioners to combat childhood myopia.”
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.