Contact lens manufacturer CooperVision has announced the acquisition of Paragon Vision Sciences, a business that specialises in orthokeratology (ortho-k), specialty contact lenses and oxygen permeable rigid contact lens materials.
The purchase will enhance CooperVision’s global presence and expand its access into the Chinese myopia management market, in which Paragon already has a presence.
Executive vice president of strategy and business management at CooperVision, Andrew Sedgwick, said: “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.”
CooperVision confirmed that Paragon will continue to operate as an independent yet complementary business, with staff and operations remaining at its Arizona-based offices and brands. “Customers should continue to work with their current representatives,” CooperVision added.
President of Paragon, Rich Jeffries, confirmed that he would remain with the company and continue to oversee day-to-day operations. Speaking about the acquisition, he said: “This strategic acquisition benefits our employees, eye care professionals and patients around the globe. 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 has been appointed as a consultant to CooperVision.
CooperVision acquired specialty contact lens leaders Soflex and Procornea in 2016 and 2017, respectively.