Nikon acquires retinal imaging company Optos
Nikon has purchased Scottish medical imaging company Optos for £259.3 million. The purchase follows Nikon setting aside $1.96 billion last year for mergers and acquisitions in medical and other growth fields.
Optos provides retinal imaging devices for eyecare professionals. For the year ended 30 September 2014, the Optos Group generated revenue of approximately US$170.6 million and operating profit of approximately US$16.3 million.
Optos' core devices produce ultra-widefield, high resolution digital images (Optomap) of approximately 82 per cent and 200° of the retina. An optomap image gives more clinical information which facilitates the early detection and treatment of disorders and diseases in the retina, such as retinal detachments and tears, glaucoma, diabetic retinopathy and age-related macular degeneration. Retinal imaging can also indicate evidence of non-eye or systemic diseases such as hypertension and certain cancers.
The proposed acquisition of Optos is an important step in Nikon’s strategic growth initiative, which includes working in the medical sector. The purchase establishes a major footprint in the medical segment; it gives collaboration opportunities in product development, research, manufacturing and marketing; and it is a platform to expand Nikon's regenerative medical business.
Commenting on the transaction, Kazuo Ushida, president of Nikon, said: ‘I am pleased to announce this strategically important transaction for Optos and Nikon. I am confident that an Optos/Nikon combination would create a world class "retina" player and would significantly benefit our respective stakeholders. Together, we will pursue various collaboration opportunities and further expand the medical business in the future.’
Dr Peter Fellner, chairman of Optos, commented: ‘Under the leadership of Roy Davis and the management team, Optos has successfully established itself as a global leader in retinal imaging supported by the introduction of innovative new products such as the Daytona. During this period, our share price and financial results have shown material improvement and Optos is now well placed for further growth.
‘Following the transaction, Optos will become a key part of Nikon's future strategy to develop a global medical business and will continue to provide its market leading solutions to the patients we serve. We are therefore pleased to recommend this acquisition to our shareholders.’