Iridex, Topcon enter strategic collaboration
Iridex and Topcon have entered into a strategic collaboration, according to a press release.
The agreement provides $19.5 million in cash to Iridex, the release said, which will provide funding for multiple years and will allow Iridex to pursue strategic growth initiatives. In return, Topcon purchased exclusive distribution rights for Iridex’s retina and glaucoma products in specific markets and acquired a common equity stake in Iridex of about 10.4%.
“Joining Topcon’s comprehensive distribution network throughout Asia Pacific and key EMEA regions will help Iridex to significantly expand the market penetration of our marquee non-incisional glaucoma therapy,” David Bruce, CEO of Iridex, said in the release.
Additionally, Iridex is acquiring the Pascal line from Topcon, which will combine Iridex’s MicroPulse technology and the Pascal laser platform, “resulting in a leading market share for retinal scanning laser products, plus greater scale to generate design, manufacturing and marketing efficiencies,” the release said.