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STAAR Surgical to purchase Canon's interest in Canon Staar Co.

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MONROVIA, Calif. — STAAR Surgical has entered into an agreement to acquire the interests of all other shareholders in Canon Staar Co., the company announced in a press release.

Canon Staar was formed by STAAR, Canon and Canon Marketing Japan in 1988 to develop, manufacture and sell products in Japan using STAAR's technology.

Upon closing of the transaction, the entity will be renamed STAAR Japan and will become a wholly owned subsidiary of STAAR Surgical. STAAR will have exclusive control over the rights to use STAAR's patents and other proprietary technology in Japan and China and will acquire the 50% interest in Canon Staar currently owned by the Canon companies, according to the release.

Canon Staar manufactures and sells the Preloaded Injector, a silicone or acrylic IOL packaged and shipped in a pre-sterilized, disposable injector. The company is also currently seeking Japanese regulatory approval to market STAAR's Visian ICL, Collamer IOL and AquaFlow device in Japan.

STAAR Japan will take over the IOL distribution business currently operated by Canon Marketing Japan and will directly market its products, the release said.

Upon closing, STAAR will pay the Canon companies $4 million in cash and 1.7 million newly issued shares of Series A Convertible Preferred Stock. Closing is subject to customary conditions and is scheduled to take place on Dec. 28 or after all conditions have been met, according to the release.