Top 10 Ophthalmic Industry Acquisitions of 2024: Driving Innovation and Market Expansion

Dec 16, 2024 22:15 CST Updated 22:15

Sandoz

Global Supplier of Novel Patent Medicines

DORC

Ophthalmic Instrument R&D, Production, and Sales Provider

Coherus Biosciences

Biologics Developer

Carl Zeiss

Manufacturer of Optical Systems, Industrial Measurement, and Medical Devices

Alcon

Ophthalmic Pharmaceuticals and Medical Devices Manufacturer

BELKIN Vision

Glaucoma Laser Equipment Developer

Sightpath Medical

Cataract and Refractive Surgery Mobile Ophthalmic Service Provider

PennVista

Refractive Ophthalmic Surgery Solution Provider

Clínica Baviera

Chain Ophthalmology Medical Institutions

Optimax

Ophthalmology Specialty Clinic

Alimera Sciences

Prescription Ophthalmic Drug Developer

Trukera Medical

Comprehensive Corneal Health Technology Developer

Bausch+Lomb

Eye Health Product Provider

EssilorLuxottica

Eyewear Products Sales, Manufacturer

MSD

Pharmaceutical R&D and Manufacturer

EyeBio

Ophthalmic Disease Therapeutics Developer

Cencora

Pharmaceutical Solutions Provider

Retina Consultants of America

Retina Care Service Provider

Preface

In today's highly competitive and ever-evolving ophthalmology field, numerous overseas companies have expanded their business scope, strengthened their capabilities, and driven industry innovation through mergers and acquisitions. In 2024, several eye-catching acquisition events involving ophthalmic-related companies occurred. These acquisitions span different subfields and have had a profound impact on global eye care solutions and the development of ophthalmic medical technologies. Let us now review the top ten acquisition events.

01 Sandoz Acquires Cimerli

Review Clicks:Global Ophthalmology Products Briefing January 2024

January 2024,Sandoz Announces Acquisition of U.S. Ranibizumab (Lucentis) Biosimilar Cimerli from CoherusSandoz acquired the Cimerli ophthalmology franchise for a total cash consideration of $170 million, including costs associated with Cimerli inventory. The transaction includes the Biologics License Application, product inventory, sales and reimbursement personnel, and rights to proprietary commercial software.

Cimerli was approved by the US FDA in August 2022 for all five indications of the reference product: wet age-related macular degeneration; macular edema following retinal vein occlusion; diabetic macular edema; diabetic retinopathy; and myopic choroidal neovascularization. Coherus acquired the US rights to Cimerli from Swiss company Bioeq, which was later acquired by German Formycon. Teva obtained the distribution rights for this biosimilar in Europe as well as in Canada, Israel, and New Zealand. The biosimilar received marketing approval in the UK in May 2022 and is sold under the name Ongavia in the UK. The EU approved the product in August 2022 under the brand name Ranivisio. Cimerli was launched in the US in October 2022. In October 2023, Coherus reported that the product had exceeded 100,000 doses in its first year of sales. The company stated that Cimerli's revenue in Q3 2023 was $40 million, compared to $26.7 million in Q2.

This acquisition aligns with Coherus' strategy to reduce debt and refocus on its core oncology business. At the same time, this strategic acquisition highlights Sandoz's commitment to expanding its presence in the biopharmaceutical field, particularly in the rapidly growing biosimilar sector.

02 Carl Zeiss Acquires DORCRC

April 2024,Carl Zeiss Meditec AG Acquires 100% Stake in Dutch Ophthalmic Research Center (DORC) from Eurazeo SE for €985 Million (Nearly $1.09 Billion)Carl Zeiss Meditec AG has acquired 100% of the shares of Dutch Ophthalmic Research Center (DORC) from French Paris-based investment company Eurazeo SE, with a total value of €985 million (nearly $1.09 billion). Through this move, the company aims to enhance ZEISS's position in the ophthalmic surgery market by integrating DORC’s innovative solutions. The acquisition was first announced by Eurazeo SE in December 2023.

DORC holds the second-largest global market share in the vitreoretinal consumables field and is a leader in the staining agent market. This acquisition willSignificantly enhance Carl Zeiss Meditec's already extensive ophthalmic portfolio, providing comprehensive digital connectivity workflow solutions. By integrating DORC into Carl Zeiss Meditec’s product offerings to help address various eye conditions, including retinal diseases, cataracts, glaucoma, and refractive errors.

One of the highlights of this acquisition is the inclusion of the EVA NEXUSTM phaco-vitrectomy machine, a platform recognized as one of the most advanced dual-function systems on the market. As the cornerstone of an outstanding product portfolio, the EVA NEXUSTM platform combines dual functionality with a range of accessories, instruments, and dyes. This versatile system is designed to excel in vitreoretinal (VR), cataract, and combined surgeries, enabling surgeons to handle various procedures using a single platform. The result is streamlined workflows and improved efficiency in ophthalmic practices.

03 Alcon Acquires BELKIN

Review Click:$330 Million! Alcon Acquires Israeli Glaucoma Laser Treatment Developer Belkin Vision

May 2024,Alcon Confirms Acquisition of Israeli Company BELKIN Vision, the Manufacturer of Eagle SLT Lasers. Alcon’s Acquisition of BELKIN Vision Expands Its Glaucoma Surgical Product Portfolio. The Deal Includes an Upfront Payment Totaling $81 Million, Comprising Approximately $65 Million in Cash and Milestone Payments of Up to $385 Million Tied to Stringent Sales Targets.

In December 2023, BELKIN Vision's Eagle device received FDA 510(k) clearance. It is a Q-switched, frequency-doubled Nd:YAG laser with a wavelength of 532 nanometers, designed for performing Selective Laser Trabeculoplasty (SLT).Eagle obtained CE Mark certification in May 2022.Eagle is the first and only non-contact laser for the treatment of glaucoma, providing an automated, non-invasive solution for patients and healthcare professionals.Compared with traditional SLT treatment, Non-contact, Simple OperationThe one-touch Eagle device is expected to become a first-line treatment option for patients with mild to moderate glaucoma.

Glaucoma is a key sub-specialty focus within Alcon's ophthalmology business, with existing products including the Hydrus microstent and eye drop solutions. Following the completion of this acquisition, Eagle will leverage its own product advantages alongside Alcon’s well-established global sales channels to rapidly achieve commercialization.

04 Sightpath Medical Acquires PennVista

May 2024,Sightpath Medical, a leading provider of mobile and fixed ophthalmic surgical services, announced the acquisition of top-tier LASIK service provider PennVista. PennVista offers advanced LASIK equipment and specialized technical personnel to surgery centers and hospitals in Pennsylvania, Ohio, West Virginia, Indiana, and Michigan. The financial terms of the transaction were not disclosed.

This strategic acquisition expands Sightpath's geographical coverage in key markets and further demonstrates its commitment to supporting the development of comprehensive ophthalmic services across China.With this acquisition and the LASIK doctor network program, Sightpath Medical is expected to provide a broader range of services and resources for comprehensive ophthalmic businesses in the United States.

05 Clínica Baviera Acquires Optimax

June 2024,Clínica Baviera, the European division of Aier Eye Hospital Group headquartered in Madrid, Spain, announced the acquisition of 100% equity in the UK's Optimax Group (Eye Hospitals Group and its affiliated institutions) using its own funds. This acquisition represents a key step in its entry into the UK ophthalmology market and expansion in major countries. Prior to this, the Clínica Baviera medical network had already spread across Spain, Germany, Italy, and Austria.

Given the UK population exceeds 68 million, this expansion in the UK is highly significant and aligns with Clínica Baviera's broader growth strategy. The acquisition deal, valued at €11.7 million, will be financed through the company’s own funds. Additionally, both parties have agreed on a variable acquisition amount tied to Optimax’s EBITDA performance over the next five years, estimated to range between €3 million and €11 million.Due to the change in control of the Optimax Group, this transaction is still subject to approval by the UK Financial Conduct Authority (FCA). The deadline for meeting this regulatory condition is six months.

Since its acquisition by Aier Eye Hospital Group in 2017, Clínica Baviera has experienced steady growth in development speed and a significant improvement in operational performance. In 2023, it achieved operating revenue of 225 million euros, representing a 125% increase from 2017, and net profit of 37.46 million euros, marking a 279% increase from 2017. The number of institutions grew from 76 at the time of acquisition to the current 112. This acquisition marked a milestone in Clínica Baviera's business expansion, strengthening its presence in Europe and enhancing its position in the ophthalmic care market. It also reflects the strategic global expansion of Chinese enterprises.Aier Eye Hospital Implements Internationalization Strategy, Consolidating Its Leading Position in Global Ophthalmology.

Further Reading:Expanding in the UK: Aier Eye Hospital Acquires Optimax Group to Broaden European Presence

06 ANI Acquires Alimera

Review Clicks:$400 Million Acquisition! Stock Prices of Two Companies Soar!

June 2024,Generic drug company ANI announced the acquisition of Alimera for $5.50 per share in cash, along with a non-transferable contingent value right (CVR) that entitles shareholders to an additional payout of up to $0.50 per share if specified net revenue targets are achieved in 2026 and 2027. The upfront consideration for Alimera in this transaction is approximately...$381 million (approximately 2.74 billion RMB)。

Alimera is a global pharmaceutical company specializing in the commercial development of prescription drugs for the treatment of retinal diseases.Known for its two main products:Iluvien，Fluocinolone Acetonide Intravitreal Implant 0.19mg, for the treatment of Diabetic Macular Edema (DME) in the United States, Europe, and the Middle East, as well as Chronic Non-Infectious Uveitis Affecting the Posterior Segment (NIU-PS) in Europe and the Middle East.YutiqIt is also a 0.18mg fluocinolone acetonide intravitreal implant, but only in the United States.Available in China, aimed at treating chronic non-infectious uveitis affecting the posterior segment. In May 2023, Alimera Sciences acquired YUTIQ from U.S.-based EyePoint. YUTIQ, similar to ILUVIEN, is a fluocinolone acetonide intravitreal implant characterized by not requiring surgical implantation. Instead, it is injected into the vitreous cavity through the sclera using a syringe, providing three years of sustained release with a single injection, offering excellent patient compliance. Alimera Sciences has been experiencing steady growth, with net revenue reaching $80.8 million in 2023, a 49% increase from $54.1 million in 2022. At that time, Alimera anticipated net revenue to exceed $105 million in 2024.

From the acquirer's perspective, it will further strengthen ANI's rare disease business, making it the biggest driver of future growth; add two products with significant growth potential, fully leveraging the company’s existing rare disease infrastructure; expand its foothold in the ophthalmology field and accelerate the growth of Cortrophin Gel in this key therapeutic area; and create substantial value potential for shareholders.ANI's Acquisition of Alimera: A Transformative Step for Growth and Innovation in the Pharmaceutical Industry, Particularly in Ophthalmology

Ph.D.Alcon Acquires Trukera Medical

Review Clicks:Bausch+Lomb Acquires Diagnostic Company Trukera Medical

July 2024,Bausch+Lomb Announces Its Subsidiary Has Acquired Trukera Medical from Private Equity Owner AccelMed Partners and Other ShareholdersTrukera Medical is a privately held ophthalmic medical diagnostics company based in the United States. It has commercially launched ScoutPro®, a portable ready-to-use device designed for the precise measurement of tear osmolarity or salt content. Elevated osmolarity (hyperosmolarity) is a condition that cannot be detected through slit-lamp examination and serves as a primary indicator and core cause of asymptomatic dry eye disease (DED) and ocular surface disease (OSD). If left untreated before surgery, it may negatively impact outcomes of corneal, cataract, and refractive surgeries.

Bausch+Lomb has product layouts in the dry eye field across different business units.Ophthalmic DrugsXIIDRA is a non-steroidal eye drop specifically designed to treat inflammation associated with DED, focusing primarily on dry eye disease. Bausch+Lomb's dry eye product portfolio also includes eye drops and contact lens care solutions from the company’s consumer brands and pharmaceutical business, including MIEBO (perfluorohexyloctane ophthalmic solution), which launched in the U.S. earlier this month. It is the only FDA-approved prescription eye drop for DED that directly targets tear evaporation.Vision Care:Bausch+Lomb Launched in the U.S. in June 2024The brand name is "Blink NutriTears".A supplement characterized by a patented mixture of ingredients including lutein, zeaxanthin isomers, curcumin, and vitamin D3. Research shows that this novel daily nutritional supplement has achieved significant statistical results in evaluating the efficacy and safety of alleviating dry eye symptoms.

This acquisition is for synergy.Surgical Operations，Ensure patients with cataractsAfter refractive surgeryTo achieve the best postoperative results,And consolidate its leading position in the dry eye field.

08 EssilorLuxottica Acquires 80% Stake in Heidelberg

Review Clicks:EssilorLuxottica: Innovation Never Fails

July 2024,EssilorLuxotticaAnnounced the acquisition of 80% of the shares of Heidelberg Engineering, a German ophthalmic technology specialist company. The financial details of this transaction have not been disclosed. According to the acquisition terms, Heidelberg Engineering will continue to operate inEssilorLuxotticaThe group's existing brands operate independently.EssilorLuxotticaHighlighting the Heidelberg EngineeringExpertise in early detection and diagnosis is a strategic fit., can enhanceEssilorLuxotticaIn the field of medical technology. MeanwhileEssilorLuxotticaWill leverage its global capabilities in logistics, manufacturing, and distribution to supportHeidelberg EngineeringThe Vision---Create a shared diagnosis and treatment system from research to home monitoring.Heidelberg Engineering has always adhered to the commitment of innovation and quality, with future goals including improving image resolution, expanding the application of imaging technology, andIntegrating AI Solutions into the HEYEX Medical IT Platform. AndEssilorLuxotticaCooperation can be achieved throughComprehensive Diagnostic and Treatment System Enhances Patient Care and Clinical Outcomes。

Heidelberg Engineering, founded in 1990, has become a leader in the fields of optical coherence tomography, real-time image processing, analysis, and digital surgical navigation technologies, particularly with its SPECTRALIS and ANTERION platforms. Operating in over 100 countries, it serves medical professionals, scientists, and researchers across a wide range of ophthalmic disciplines. In subspecialties, Heidelberg Engineering has been at the forefront in the early detection of vision-threatening diseases such as glaucoma and AMD.

EssilorLuxottica's acquisition of Heidelberg Engineering marks a significant development in the convergence of optics and medical technology, promising to advance global eye care solutions.

09 Merck Acquires EyeBio

July 2024,Merck Successfully Completes Acquisition of EyeBio, Which Becomes Its Wholly-Owned Subsidiary. It is Worth Noting That MSD’s Venture Capital Arm Was Already One of the Investors in EyeBio Prior to the Acquisition. EyeBio’s Lead Candidate Drug, Restoret™ (EYE103), Is a Research-Stage, Breakthrough-Potential Tetravalent Trispecific Antibody Acting as an Agonist of the Wnt Signaling Pathway. Administered via Monthly Injections, It Aims to Restore the Strength of the Blood-Retinal Barrier and Prevent Leakage. Positive Results Have Been Obtained in Mid-Stage Studies Involving Patients With Diabetic Macular Edema (DME) and Neovascular Age-Related Macular Degeneration (NVAMD). Merck’s Expanded Portfolio Includes More Clinical and Preclinical Assets Targeting Vision Loss Related to Retinal Vascular Leakage. Relevant Data Shows That Approximately 2 Million People in the U.S. Suffer From Wet AMD. By 2030, the Global AMD Market Size Is Expected to Increase From Over $10 Billion in 2022 to Approximately $18 Billion.

In terms of the transaction, Merck, through its subsidiary, acquired all outstanding shares of EyeBio in an asset purchase. A charge of approximately $1.3 billion (about $0.50 per share) will be recorded in the third quarter of 2024, which will be reflected in the non-GAAP results.

10 CencoraAcquisition of RCA

November 2024,Cencora Announces Definitive Agreement to Acquire Retina Consultants of America (RCA), a Leading Management Services Organization (MSO) in the Retina Specialist Space, from Webster Equity Partners

According to the agreement, Cencora will acquire RCA for approximately $4.6 billion in cash, subject to standard working capital and net debt adjustments. Upon completion of the transaction, Cencora will hold approximately 85% of the equity, with RCA's affiliated clinics, doctors, and management retaining a minority stake. An additional contingent consideration of up to $500 million may be paid in the fiscal years 2027 and 2028 upon achieving specific business objectives.

This acquisition aligns with Cencora's strategy. RCA is a leader in the retina field, with nearly 300 experts across 23 states and over 2 million patient visits annually. It will help Cencora expand its specialty business and strengthen relationships with all parties. RCA’s excellent clinical research network will also play a role in driving innovation and enhancing drug efficacy. From RCA’s perspective, joining Cencora and its purpose-driven culture will further advance RCA’s mission. The two organizations share cultural alignment and a focus on innovation, enabling them to unlock new opportunities and improve retinal diagnosis and treatment standards together.

Conclusion

From the above series of numerous influential M&A events in the foreign ophthalmology field, it can be seen that companies in the ophthalmology sector are continuously integrating resources, optimizing layouts, and enhancing competitiveness through active M&A initiatives. While meeting market demands, they are also injecting continuous momentum into the advancement of the entire industry. At the same time, these events contain valuable insights for domestic ophthalmic enterprises in China, offering diversified development ideas and models.

First, in terms of product layout,Foreign enterprises continuously enrich their product lines through mergers and acquisitions, such asMerck Acquires EyeBioExpand clinical and preclinical assets, focus on addressing vision loss related to retinal vascular leakage. Ophthalmic enterprises in China should also pay attention to different细分赛道of ophthalmic diseases, and use methods such as mergers and acquisitions or cooperation to address weaknesses, creating a more comprehensive and targeted product portfolio to meet the diverse diagnostic and treatment needs of patients, transitioning from a single-product advantage to a diversified, integrated service advantage.

Secondly, technological innovation and integrationIs a key point that cannot be ignored. LikeEssilorLuxottica Acquires Heidelberg EngineeringBy deeply integrating optics and medical technology, the industry can be advanced. Ophthalmic enterprises in China can learn from this, actively seeking collaboration with companies possessing cutting-edge technologies to break through technical barriers. Advanced technologies such as artificial intelligence and digital diagnosis and treatment can be incorporated into the R&D of ophthalmic products and service processes, improving diagnostic accuracy and treatment outcomes, and enhancing their position in the global competition for ophthalmic technology.

Moreover, Market Expansion StrategyWorth learning from. For exampleClínica Baviera Acquires OptimaxEntering the UK Ophthalmology Market: A Key Step in Internationalization Strategy. While domestic ophthalmology enterprises are based in China's vast local market, they should also adopt a global perspective, seize the opportunity to enter international markets through appropriate mergers and acquisitions, utilize high-quality overseas resources and channels, enhance their brand's international influence, and achieve the leap from a regional powerhouse to a global leader.

Moreover, for those who persevere in the depths of winter,Start-up Ophthalmology Pharmaceutical and Device EnterprisesFor example,M&A integration may also mean new opportunities and hope.Can explore suitable options from these M&A events.The Path of Self-Development. Discover the complementary advantages with other enterprises, and at the right time, consider integrating into a larger industrial platform through acquisition to gain more resource support and achieve rapid growth. Alternatively, take the initiative to seek out compatible partners, jointly integrate resources, and establish a firm foothold in the fierce market competition.

Mountains and seas are not far away, and those who agree are of one heart. We look forward to all ophthalmic enterprises continuing to create more clinically valuable products in the future. As the author wrote in a previous article: “People often say, "It's hard to start a business, but even harder to sustain it." However, in a certain sense, there may not actually be such a thing as sustaining a business. The macro environment, industry trends, and competitive landscape are constantly changing. For a company that is always in the process of reinventing itself, entrepreneurship is an ongoing, moment-to-moment endeavor."." Once again, pay our respects to all entrepreneurs.