Johnson & Johnson Vision Announces Agreement to Acquire TearScience
Source: Johnson & Johnson Vision
Johnson & Johnson Vision announced a definitive agreement to acquire TearScience, a privately held medical device manufacturer dedicated to evaluating meibomian gland health and treating meibomian gland dysfunction (MGD).
Terms of the deal were not disclosed.
The acquisition of TearScience will expand Johnson & Johnson Vision's portfolio of eye health products.
In 2012, TearScience launced its in-office "Dry Eye Solution," which included the LipiView, the first device of its kind that captures images of meibomian glands in the eyelids, and the LipiFlow Thermal Pulsation System, which treats evaporative dry eye by liquefying and evacuating obstructions in meibomian glands. In 2014, TearScience introduced the LipiView II, which employed reflected and transilluminated light sources to provide high definition structural meibomian gland images. In 2016, TearScience announced the release of LipiScan, the first dedicated high-definition gland imager that allows eye care professionals to assess meibomian gland structure during routine workups in a practice setting.
“Dry eye is a significant unmet health need globally, and meibomian gland dysfunction is the cause for more than 60% of people living with this condition,” said Ashley McEvoy, Company Group Chairman, responsible for the Johnson & Johnson Vision Companies. “The innovative portfolio from TearScience positively impacts the lives of patients around the world suffering from this chronic condition. These solutions, coupled with our existing contact lens and surgical portfolio, will allow us to help more patients with their vision needs, throughout their lifetime.”
Johnson & Johnson Vision will acquire TearScience through its surgical vision operating company, Abbott Medical Optics. The transaction is expected to close by the end of the year. The closing is subject to antitrust clearance and other customary closing conditions. Following the expected closing, sales will be reported in the Johnson & Johnson's Medical Devices segment, under Vision Care.
In September 2016, Johnson & Johnson announcd the acquisition of Abbott Medical Optics in an all-cash deal worth $4.325 billion. The deal included ophthalmic products in three areas of patient care: cataract surgery, laser refractive surgery, and consumer eye health. Those product lines joined the Acuvue brand contact lenses business.
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