August 9, 2017
Johnson & Johnson Vision announced it will acquire TearScience through Abbott Medical Optics, its surgical vision operating company, according to a company press release.
Financial terms of the acquisition, which is expected to close by the end of the year, were not disclosed.
TearScience has FDA clearance for an office-based approach to imaging Meibomian glands and treating meibomian gland dysfunction, the leading underlying cause of dry eye disease, the release said.
“The innovative portfolio from TearScience positively impacts the lives of patients around the world suffering from this chronic condition. These solutions, coupled with our existing contact lens and surgical portfolio, will allow us to help more patients with their vision needs throughout their lifetime,” says Ashley McEvoy, company group chairman, responsible for Johnson & Johnson Vision companies.
She noted, “Dry Eye is a significant, unmet health need globally, and Meibomian Gland Dysfunction is the cause for more than 60 percent of people living with this condition.”
The closing is subject to antitrust clearance and other customary closing conditions. Following the expected closing, sales will be reported in the company’s Medical Devices segment, under Vision Care.