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SANTA ANA, CA, AUGUST 4, 2017 – Johnson & Johnson Vision today announced a definitive agreement to acquire TearScience, Inc., a leading medical device manufacturer dedicated to evaluating meibomian gland health and treating Meibomian Gland Dysfunction (MGD). The acquisition of TearScience will provide strategic value to Johnson & Johnson Vision, further expanding its leading portfolio of products in eye health. TearScience received FDA clearance for an office-based approach to image meibomian glands and treat MGD and has sales in the US and major markets globally.
“Dry Eye is a significant unmet health need globally, and Meibomian Gland Dysfunction is the cause for more than 60% of people living with this condition,” said Ashley McEvoy, Company Group Chairman, responsible for the Johnson & Johnson Vision Companies. “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.”
MGD is the leading underlying cause of Dry Eye Disease (Dry Eye), impacting 340 million people globally. It is a chronic and progressive condition that can range from mild to debilitating pain to vision loss. Dry Eye is a primary reason for discontinued use of contact lenses, and treating Dry Eye prior to cataract surgery is critical to achieving optimal visual outcomes, particularly when using premium intraocular lenses. The acquisition of TearScience strengthens the Johnson & Johnson Vision portfolio, allowing it to provide a critical solution to its optometric and ophthalmic customers who serve these patients.
Johnson & Johnson Vision will acquire TearScience through its surgical vision operating company, Abbott Medical Optics Inc. - financial terms of the transaction have not been disclosed. The transaction is expected to close by the end of the year. The closing is subject to antitrust clearance and other customary closing conditions. Following the expected closing, sales will be reported in the Medical Devices segment, under Vision Care.
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 250 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 a day 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 8,400 employees worldwide.
Media Contacts:
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 regarding the potential 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: the satisfaction of closing conditions for the acquisition, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act; the possibility that the transaction will not be completed in the expected timeframe or at all; the potential that the expected benefits and opportunities of the acquisition, if completed, may not be realized or may take longer to realize than expected; uncertainty of commercial success for new or existing products; economic conditions, including currency exchange and interest rate fluctuations; competition, including technological advances, new products and patents attained by competitors; changes to applicable laws and regulations, including tax laws; manufacturing difficulties and delays; product efficacy or safety concerns resulting in product recalls or regulatory action; and changes in behavior and spending patterns of purchasers of health care products and services. In addition, if and when the transaction is consummated, there will be risks and uncertainties related to the ability of the Johnson & Johnson Vision Companies to successfully integrate the products and employees of TearScience, as well as the ability to ensure continued performance or market growth of its products. 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 in the section captioned "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.investor.jnj.com, or on request from Johnson & Johnson. Neither the Johnson & Johnson Vision Companies nor Johnson & Johnson undertakes to update any forward-looking statement as a result of new information or future events or developments.
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