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CIBA Vision sells surgical business
The company plans to concentrate on its core business of contact lenses and lens care products, officials said.
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CIBA Vision Corp. has sold a significant portion of its surgical ophthalmology business to the French firm IOLTECH, the Atlanta-based company announced in February.
According to Andrea Argenbright, a spokeswoman for CIBA Vision, the company decided to sell most of its line of IOLs, viscoelastics and other surgical products because it does not believe it has the “critical mass” in ophthalmology necessary for these surgical products to meet their market potential.
“We do believe that the surgical team put together a great portfolio, with some really good products. But we just were not making the most of them,” she said.
In a press release, Joe Mallof, chief executive officer of CIBA Vision, said, “We are confident that the promise of the products and technologies in the surgical portfolio will be better realized by the new owners. Our commitment to our customers is that we will ensure a smooth transition.”
CIBA Vision had announced in August 2003 that it was considering “strategic alternatives” for its surgical business, including potential sale.
According to Ms. Argenbright, CIBA Vision has no plans to retain any of the surgical products, although it does have a few products remaining in its surgical portfolio at present, such as the Centurion SES EpiEdge epikeratome. Negotiations for the sale of the remaining products are continuing, she said.
Ms. Argenbright noted that CIBA Vision plans to focus on its core business of contact lenses and lens care products, in which she said the company has been experiencing good market growth. The sale of the surgical products allows the company to take better advantage of opportunities in the contact lens area, she said.
Owners new and old
IOLTECH purchased the Vivarte and Vivarte Presbyopic phakic refractive lens, the CV232 SRE IOL, Tear Saver and Tear Saver Plus punctum plugs, UniVisc and VisThesia viscoelastics, and Ophthalin and Ophthalin Plus viscoelastics, according to a press release from CIBA. IOLTECH also purchased certain marketing and distribution rights to the PRL phakic refractive lens, the release said.
CIBA Vision and Optonol Ltd. agreed on a mutual release of contract for the Ex-Press Mini Glaucoma Shunt. Optonol signed an agreement granting CIBA Vision exclusive rights to market the shunt in the United States and Canada in August 2002 but continued to distribute the shunt in the European Union. With the agreement, Optonol will assume distribution of the Ex-Press shunt in North America, according to the CIBA press release.
Refocus Group has reassumed licensing and all worldwide marketing rights to its PresView Scleral Implant and Surgical Spacing Procedure for treating presbyopia, glaucoma and ocular hypertension, according to the press release. CIBA Vision will retain an equity share in the company, the release said.
The investment and securities trading firm Bear Stearns & Co. Inc. acted as CIBA Vision’s exclusive financial advisor for the sales transactions, according to the press release.
For Your Information:
- Andrea Argenbright, spokeswoman for CIBA Vision, can be reached at Corporate Communications, CIBA Vision, 11460 Johns Creek Parkway, Duluth, Georgia 30097-1556; 678-415-3711; fax: 678-415-2032; e-mail: andrea.argenbright@cibavision.novartis.com.