Amidst the plethora of pipeline and legal news in the eye care space this past month, two acquisition agreements were also announced:
- Halma plc (the parent company of MicroSurgical Technology, Inc.; MST) has purchased Surgistar, Inc.
- Revenio Group Corporation (parent company of iCare) will purchase Visionix.
Big news on both fronts … but let’s start with that first deal.
Halma is a global group of “life-saving” technology companies with major operations in the United Kingdom, Europe, and the U.S.
- Its broad market area focus extends to safety, environment, and health (which is where MST comes in).
- MST is an ophthalmic device manufacturer developing surgeon-designed products out of its Redmond, Washington headquarters. See here for a look at its portfolio.
- To note: The company was acquired by Halma in 2012.
And Surgistar?
The California-based company manufactures single-use ophthalmic; ear, nose, and throat (ENT); surgical; and dental instruments distributed across the world.
Included in its portfolio: Over 600 products spanning microsurgical blades, knives, cannulas, trephines, and accessories for all types of procedures such as:
- On the ophthalmic side: cataract, refractive, and vitreoretinal
So tell me about this purchase.
Halma has acquired Surgistar as a “bolt-on” for MST (its healthcare sector company).
What this means: A bolt-on acquisition involves a larger “platform” company (such as Halma) purchasing a small-to-medium-sized company (such as Surgistar) with complementary services, products, or geographical advantages.
- The acquired company will generally operate as an independent subsidiary or retain some of its original brand identity.
The intent: To integrate this smaller company into the larger company’s existing operations, leading to an expansion of its portfolio or services—as well as an improved market position.
And how will this specific deal benefit Halma?
Halma’s Group Chief Executive Marc Ronchetti noted that “cataract and ophthalmic surgery are long-term growth markets” for the company.
As such: He referred to Surgistar’s differentiated product range as “highly complementary to MST’s” portfolio—particularly those used in routine cataract surgery.
Got it. Lastly, do we know how much the acquisition is valued at?
Unfortunately, no. The companies didn’t disclose any information on those details.
Alrighty then … let’s move on to that other deal.
As we mentioned, Revenio is acquiring Visionix in a move described as a strategic “partnership of strengths” intended to bring together the two companies’ “highly complementary businesses.”
- Specifically, the company is purchasing Visionix’s entire capital share from its parent company, the French LT International SAS.
Can we get a little recap on these players?
Revenio is a Finnish healthcare company specializing in ophthalmological devices and software solutions across international markets.
- Among its eye diagnostic solutions: Intraocular pressure (IOP) measurement devices (tonometers) and fundus imaging devices as well as perimetry and clinical software
- Its notable brand name: iCare.
On the other hand: We’re no stranger to Visionix, an ophthalmic medical device manufacturer with its U.S. arm operating out of Illinois.
- Its product offerings range from automatic lens edgers and lensmeters to fundus cameras and slit lamps. See here for a look.
- One notable brand name: The Optovue line of optical coherence tomography (OCT).
So is this similar to that bolt-on acquisition from earlier?
Not at all—the opposite, in fact.
In a letter to customers, Visionix CEO Marc Abitbol, PhD, noted the transaction to be a "mutually strengthening arrangement” in which there’s limited product overlap between the two companies’ portfolios.
And the plan?
As a combined group, the companies are integrating their respective technologies, expertise, and global reach to create a broader product portfolio focused on diagnostics, imaging, and other optical solutions.
Among its four bullet-pointed objectives, the companies plan to offer:
- Stronger software, telehealth, artificial intelligence (AI), and data tools to support more efficient, connected eye care
- Solutions tailored to real clinical and practice workflows