Retinal imaging company Optos is to acquire the instrumentation division of US firm Opko, which develops, manufactures and sells optical coherence tomography (OCT) diagnostic devices and optical ultrasound screeners.
Optos will pay an initial cash consideration of $17.5m on completion and the seller's royalty payments. Optos explained that its aim was to be the leading provider of devices for diagnosing and treating diseases and conditions presenting in the retina.
'Optos' widefield retinal imaging technology, combined with the specific data that can be derived from OCT images, has the potential to offer ophthalmologists and optometrists the most powerful tools for disease diagnosis and strengthens Optos' offering into optometry.'
It added that as well as bringing access to established OCT and ultrasound products, Opko had a lower-cost OCT product, Falcon, that was nearing market launch.
Optos believed that there would be significant opportunities to accelerate sales through its direct sales force of over 80 representatives and there would be joint selling, marketing and operational synergies from the combined businesses.
Optos CEO Roy Davis said: 'By integrating Optos' widefield retinal imaging technology with a widefield OCT capability, we aim to bring a new depth of imaging to the periphery, creating the ultimate retinal diagnostic tool.'
The company has secured a $30m credit facility to support the transaction and operations going forward from Lloyds Bank Corporate Markets.
An Optos spokesperson said that the UK was an important market for the company and it planned to sell the Opko products here as soon as possible.