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STAAR Surgical completes purchase of Japanese joint venture
MONROVIA, Calif. — STAAR Surgical has completed its purchase of all remaining shareholder interest in Canon Staar Co. Inc., the company announced in a press release.
Canon Staar Co. Inc. was a joint venture established by STAAR, Canon Inc. and Canon Marketing Japan Inc. in 1988 to develop, manufacture and sell STAAR technology in Japan.
The company has been renamed STAAR Japan Inc. and is a wholly owned subsidiary of STAAR that directly serves the Japanese market, the release said.
"At its current sales levels, we continue to expect that STAAR Japan will add in excess of $12 million of revenue to STAAR Surgical in 2008. In addition, the acquisition gives STAAR exclusive control over the rights to use our patents and other proprietary technology in Japan, China and worldwide while strengthening our intellectual property position in areas such as preloaded injectors," said Barry Caldwell, president and CEO of STAAR Surgical, in the release.
At closing, STAAR paid the Canon companies a cash sum of $4 million. It also paid the companies $1.7 million in newly issued shares of Series A Convertible Preferred Stock, which will be exchangeable into common stock at a one-to-one ratio and will be redeemable for cash at $4 per share, according to the release.