EssilorLuxottica and CooperCompanies partner for the acquisition of SightGlass Vision
The joint venture expects to accelerate the commercialisation of SightGlass Vision’s technology, which aims to reduce the progression of myopia in children
EssilorLuxottica and CooperCompanies have announced a joint venture for the acquisition of the life sciences company, SightGlass Vision, which focuses on developing spectacle lenses to reduce the progression of myopia in children.
The SightGlass Vision Diffusion Optics Technology (DOT) lenses use a mechanism that modulates peripheral contrast, with no impact to on-axis vision. The company suggests that with this technology, contrast modulation is quantified and controlled, and the amount of contrast reduction is not vergence dependent.
The SightGlass Vision DOT lenses received CE Mark declaration in June 2020, which allowed for its commercialisation across the European Union, the United Kingdom and other European Economic Area countries.
The companies said that the 50/50 joint venture aims to strengthen go-to-market capabilities and accelerate the commercialisation of SightGlass Vision’s spectacle lenses, as well as growing the myopia control category.
Daniel McBride, president of CooperVision, said the collaboration would “deliver on our promise to make myopia management accessible, and the standard of care for treating childhood myopia.”
The joint venture will acquire SightGlass Vision from CooperCompanies, which previously held a minority ownership interest in the company and completed its acquisition in January 2021.
Calling the collaboration “groundbreaking,” Thomas Chalberg, founder and CEO of SightGlass, said: “This only adds to our confidence about the future of the technology, the potential for the category and the millions of children whose myopia progression could be slowed.”
The companies suggest that SightGlass Vision’s technology will complement their existing products, with Essilor’s Stellest lens, and CooperVision’s MiSight and orthokeratology contact lenses.
EssilorLuxottica’s CEO, Francesco Milleri, and deputy CEO, Paul du Saillant, shared that the complementary solutions “will further strengthen our offer by providing advanced products answering to the growing needs of customers and consumers worldwide.”
With the complementary products, Mr McBride said: “Eye care professionals (ECPs) can create a comprehensive optical intervention portfolio to treat the growing number of children impacted by myopia.
“ECPs and caregivers need access to a range of effective treatments, and we are committed to bringing effective products to market for them,” he added.
The companies suggested that insights from CooperVision’s recent research, the Global Myopia Attitudes and Awareness Study, support the rationale for the venture.
The study indicated that 82% of ECPs worry that their younger patients will have significant eye health issues associated with myopia as they grow older. More than half of ECPs felt parents don’t understand the future eye health risks. However, the study found that once the risks were explained, 87% of parents were open to learning more about myopia management solutions.
In the survey, ECPs also identified that the most important reasons for recommending a specific myopia management option included clinical results performance, ease of use for children, and regulatory approvals.
Through the partnership, EssilorLuxottica and CooperCompanies shared that they intend to increase awareness and offer additional solutions to address the issue.
The closing of the acquisition and the creation of the joint venture are both subject to regulatory approvals and other closing conditions.