Private equity firm Accelmed Partners II (AP-II) completed its $25 million acquisition of dry eye device maker TearLab.
As a newly formed private company, TearLab is now positioned to pursue further development of its next-generation Discovery platform and seek out targeted acquisition opportunities that support a comprehensive portfolio to better meet DED market dynamics and patient care needs, according to a TearLab news release.
“We are very excited to close this transaction with TearLab. Over the past years we spent many days listening to ophthalmologists and optometrists and learning their needs. We are investing in an exceptional team that is primed to execute directly against some of the most important and frequently mentioned unmet needs,” Accelmed Partners’ General Partner Lior Shav said in the news release. “Working together, Accelmed and TearLab management will combine unique skills and expertise to create a stronger company poised to succeed in the DED market.”
“This is a promising new chapter for TearLab. Our investment into a wider portfolio of DED diagnostics and treatments will not only offer physicians a broader range of DED management strategies, but also strengthen our leadership position as experts in the dry eye space,” stated Seph Jensen, TearLab’s Chief Executive Officer. “The past few months have been extremely difficult for many practices as they recover from the impact of COVID-19. We aim to provide more opportunities for eye care practices to grow their services while enhancing care to patients.”