Johnson & Johnson Vision Completes Acquisition of TearScience

type: 
news
Date: 
2017-09-06T00:00:00

Acquisition marks expansion into Dry Eye medical device technology, providing a complementary eye health solution to address important unmet need

SANTA ANA, CA, September 6, 2017 – Johnson & Johnson Vision today announced that it has completed its acquisition of TearScience, Inc., a medical device manufacturer dedicated to evaluating meibomian gland health and treating Meibomian Gland Dysfunction (MGD), the leading cause of Dry Eye Disease (Dry Eye)i. The acquisition is another step in Johnson & Johnson Vision’s strategy to become a broad-based, global leader in eye health and further expands the company’s leading eye health portfolio.

"Dry Eye is too often the culprit of why patients drop out of contact lenses or why they may have a less than optimal outcome from their cataract surgery," said Ashley McEvoy, Company Group Chairman, responsible for the Johnson & Johnson Vision Companies. "The medical device technologies from TearScience will allow us to address the main underlying cause of Dry Eye, giving us a mechanical solution to a mechanical problem."

Dry Eye impacts an estimated 340 million people globally, and MGD, a chronic, progressive condition that can range from mild to severe pain, is the leading cause. Patients with MGD may present in an optometrist’s office or at an ophthalmology appointment, so the disease is treated across the eye care community. TearScience technologies allow physicians to evaluate meibomian gland health and treat MGD with a 12-minute in-office treatment.

Johnson & Johnson Vision acquired TearScience, Inc., through its surgical vision operating company, Abbott Medical Optics Inc. Sales will be reported in the Medical Devices segment, under Vision Care. Financial terms of the transaction have not been disclosed.

About Johnson & Johnson

Caring for the world one person at a time inspires and unites the people of Johnson & Johnson. We embrace research and science – bringing innovative ideas, products and services to advance the health and well-being of people. Our approximately 132,500 employees at more than 230 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.

Johnson & Johnson Vision

Johnson & Johnson Vision, through its operating companies, is committed to improving and restoring sight for patients worldwide. Since debuting the world’s first disposable soft contact lens in 1987, Johnson & Johnson Vision Care, Inc. has been helping patients see better through their world-leading ACUVUE® Brand Contact Lenses portfolio. In 2017, with the addition of Abbott Medical Optics Inc., the Johnson & Johnson Surgical Vision business, Johnson & Johnson invested further in eye health by expanding into cataract surgery, laser refractive surgery (LASIK) and consumer eye health. Serving more than 60 million patients across 103 countries, Johnson & Johnson Vision is committed to helping more people in more places improve or restore their sight. Dual headquartered in Jacksonville, Florida, and Santa Ana, California, Johnson & Johnson Vision has more than 10,000 employees worldwide.

i Nichols KK, Foulks GN, Bron AJ, et al. The International Workshop on Meibomian Gland Dysfunction: Executive Summary. Invest Ophthalmol Vis Sci. 2011 Mar;52(4):1922-9.

Media Contact: Donna Lorenson (410) 258-8571

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Cautions Concerning Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 related to the acquisition of TearScience, Inc. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Johnson & Johnson Vision Companies and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges related to integrating the products and employees/operations of TearScience, Inc., as well as the ability to ensure continued performance or market growth of the products of TearScience, Inc.; the potential that the expected benefits and opportunities related to the transaction may not be realized or may take longer to realize than expected; challenges inherent in product research and development, including the uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new products; manufacturing difficulties and delays; product efficacy or safety concerns resulting in product recalls or regulatory action; competition, including technological advances, new products and patents attained by competitors; challenges to patents; changes to applicable laws and regulations, including tax laws and global health care reforms; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 1, 2017, including under "Item 1A. Risk Factors," its most recently filed Quarterly Report on Form 10-Q, including under the caption "Cautionary Note Regarding Forward-Looking Statements," and the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The Johnson & Johnson Vision Companies and Johnson & Johnson do not undertake to update any forward-looking statement as a result of new information or future events or developments.

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