EssilorLuxottica and CooperCompanies Form Joint Venture to Acquire SightGlass Vision
EssilorLuxottica and CooperCompanies have agreed to create a 50/50 joint venture to acquire SightGlass Vision, a company developing spectacle lenses to slow myopia progression in children.
Charenton-le-Pont, France, and San Ramon, Calif. (February 3, 2021) – EssilorLuxottica and CooperCompanies, two major vision care companies, announced a joint venture agreement to acquire SightGlass Vision. The 50/50 partnership aims to accelerate the commercialization of SightGlass Vision's innovative spectacle lenses designed to reduce myopia progression in children.
SightGlass Vision, a U.S.-based life sciences company, focuses on developing technology to manage the increasing prevalence of childhood myopia. By combining EssilorLuxottica's and CooperCompanies' expertise, the joint venture intends to enhance market access and innovation for myopia control solutions.
The global prevalence of myopia has risen significantly, with projections indicating that half the world's population may be myopic by 2050. Childhood myopia is a leading cause of visual impairment and can increase the risk of long-term eye health issues. This collaboration seeks to address this growing public health concern.
The joint venture will acquire SightGlass Vision from CooperCompanies, subject to regulatory approvals and customary closing conditions. This move aims to strengthen the companies' offerings in the myopia management market.