Soft contact lens manufacturer CooperVision announced Dec. 1 that it acquired Paragon Vision Sciences, maker of orthokeratology and specialty contact lenses and gas permeable materials.
CooperVision said in a press release that the acquisition will include Paragon’s CRT Contact Lenses for overnight treatment of myopia and expand CooperVision’s access to the Chinese myopia management market, which was already penetrated by Paragon.
“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, CooperVision executive vice president of strategy and business development, who oversees the company’s specialty business, said in the release.
CooperVision is headquartered in Pleasanton, Calif., and Paragon will continue to operate as an independent, complementary business from its headquarters near Phoenix. Both companies’ customers should continue to work with their current sales representatives, according to the release.
Paragon President Rich Jeffries will continue to oversee the company’s day-to-day operations, according to the release.
“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,” Jeffries said.
CooperVision noted that it acquired specialty contact lens manufacturers Soflex and Procornea in 2016 and 2017, respectively, but did not disclose the terms of this acquisition.