CooperVision has acquired Paragon Vision Sciences, a provider of orthokeratology, specialty contact lenses, and oxygen permeable rigid contact lens materials.
Terms of the deal were not disclosed.
The transaction enhances CooperVision’s global eye care expertise, and includes Paragon’s widely used CRT Contact Lenses, worn while sleeping, that treat myopia. The acquisition also expands CooperVision’s access to the Chinese myopia management market, in which Paragon has a presence.
“Collaborating with Paragon not only provides an opportunity to grow our myopia management presence worldwide, but also deepens and broadens the way in which we help improve the way people see each day,” Andrew Sedgwick, Executive Vice President, Strategy & Business Development, CooperVision, who oversees the company’s specialty business, said in a company news release.
Paragon, headquartered near Phoenix, Arizona, will continue to operate as an independent yet complementary business, retaining its offices and brands. Customers should continue to work with their current representatives.
Rich Jeffries, president of Paragon, will remain with the company, responsible for its day-to-day operations.
“This strategic acquisition benefits our employees, eye care professionals, and patients around the globe," Mr. 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.”
Former Paragon CEO Joe Sicari will become a consultant to CooperVision.
CooperVision acquired specialty contact lens leaders Soflex and Procornea in 2016 and 2017, respectively.