PLEASANTON, Calif., December 1, 2017 — CooperVision, Inc. has acquired Paragon Vision Sciences, a leader in premium orthokeratology (ortho-k), specialty contact lenses and oxygen permeable rigid contact lens materials.
The transaction further enhances CooperVision’s global eye care expertise, and includes Paragon’s widely used CRT® Contact Lenses, worn while sleeping, that treat myopia (nearsightedness). The acquisition also expands CooperVision’s access to the Chinese myopia management market, in which Paragon has a presence.
“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,” said Andrew Sedgwick, Executive Vice President, Strategy & Business Development, CooperVision, who oversees the company’s specialty business.
Paragon, headquartered near Phoenix, Arizona, will continue to operate as an independent yet complementary business, retaining its offices and brands. Customers should continue to work with their current representatives.
Rich Jeffries, president of Paragon, will remain with the company, responsible for its day-to-day operations. 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, a well-known industry veteran, will become a consultant to CooperVision.
CooperVision acquired specialty contact lens leaders Soflex and Procornea in 2016 and 2017, respectively.
CooperVision, a unit of The Cooper Companies, Inc. (NYSE:COO), is one of the world’s leading manufacturers of soft contact lenses. The Company produces a full array of monthly, two-week and daily disposable contact lenses, all featuring advanced materials and optics. CooperVision has a strong heritage of solving the toughest vision challenges such as astigmatism and presbyopia; and offers the most complete collection of spherical, toric and multifocal products available. Through a combination of innovative products and focused practitioner support, the company brings a refreshing perspective to the marketplace, creating real advantages for customers and wearers. For more information, visit www.coopervision.com.
About The Cooper Companies
The Cooper Companies, Inc. ("Cooper") is a global medical device company publicly traded on the NYSE (NYSE:COO). Cooper is dedicated to being A Quality of Life Company™ with a focus on delivering shareholder value. Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of families with its diversified portfolio of products and services focusing on women’s health, fertility and diagnostics. Headquartered in Pleasanton, CA, Cooper has more than 10,000 employees with products sold in over 100 countries. For more information, please visit www.coopercos.com.
Mike McDougall, APR, Fellow PRSA, McDougall Communications for CooperVision, Inc.
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Heather Kowalczyk, APR, McDougall Communications for CooperVision, Inc.
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