BVI Expands Portfolio with New Viscoelastic; Forges strategic partnership with Croma
- Asset Acquisition of new Ophthalmic Viscoelastic Device (OVD) Portfolio from Croma® Pharma GmbH (Croma) of Austria
- Launch of NuVisc™ PRO, a Cohesive Hyaluronic Acid (HA) OVD in Europe
- New product development partnership created
Waltham, MA – May 15, 2020 – BVI, the fastest growing diversified company in ophthalmology, today announced it has acquired the ophthalmic viscoelastic device (OVD) assets from Croma, an Austrian-based company specialising in the most advanced manufacturing line of hyaluronic acid products in the world. In addition to the acquisition of existing products, BVI and Croma have embarked on an R&D collaboration on additional products that will come to market in the foreseeable future.
With the immediate closing of this transaction, BVI launches NuVisc PRO, a new Cohesive OVD in Europe with additional geographies to follow as regulatory pathways are met. The clinical study for NuVisc PRO was completed in December 2019 at the Vienna Institute for Research in Ocular Surgery (VIROS) and demonstrated the safety and efficacy[i]. NuVisc PRO developed for cataract surgery will complement the BVI portfolio which includes Premium Intraocular lenses, Procedure Packs and Surgical Equipment. NuVisc PRO will provide surgeons through its specific combination of HA concentration and high molecular weight a distinct OVD that can be used throughout each of the stages in cataract surgery.
“We searched across the globe to find the highest quality OVDs to complement and expand our portfolio” said Shervin Korangy, President and CEO of BVI. “Croma’s track record, innovation, quality and safety in HA production is unparalleled in the industry. This partnership with the Prinz family will position BVI to further innovate in this product category for ophthalmology.”
Croma, founded in 1976, is led by the original founder, Gerhard Prinz and his sons Andreas and Martin Prinz. During the 1980’s, Croma started its journey in ophthalmology including viscoelastics. In the subsequent decades it became a world leader in hyaluronic acid manufacturing producing 40 million units over 2 decades. Following the sale of a number of Croma’s assets more than 5 years ago, the company had taken a pause from ophthalmology until the recent development of what is now NuVisc PRO.
“We are thrilled about our partnership with BVI. We will leverage their expertise in ophthalmology and our expertise in OVD development and production” said Andreas Prinz, CCO and co-owner of Croma. “We quickly recognised the scale of global growth opportunities that BVI could bring. The entrepreneurial mindset at BVI is refreshing and different than what we have seen in the ophthalmic marketplace.”
Financial terms of the transaction were not disclosed.
With nine decades of delivering high quality solutions and innovation to advance eye surgery, BVI partners with ophthalmic surgeons to improve the vision of millions of patients across the globe. Our Company aspires to be the most trusted and valued partner to our customers worldwide. Our trusted brands include: Beaver® (Knives and Blades), Visitec® (Cannulas), Malosa® (Single-Use Instruments), Vitreq® (Vitreoretinal Surgical Products) and PhysIOL® (Premium Intraocular Lenses). Learn more at www.bvimedical.com.
About Croma-Pharma GmbH
Founded in 1976, Croma is an Austrian family-owned company that specializes in the industrial production of hyaluronic acid syringes for the fields of medical aesthetics, ophthalmology and orthopaedics. Croma currently runs 12 international sales companies and distributes its products in more than 70 countries. Within its global sales network, Croma focuses with own branded products on minimally invasive aesthetic medicine. Besides a broad range of HA fillers from the own production site, Croma markets PDO lifting threads, a Platelet Rich Plasma (PRP) system and a personalized skincare technology in its core strategic markets.
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[i] Data on file