French laser company Lumibird announced that it has signed an agreement with the Australian company Ellex Medical Lasers Limited to acquire Ellex’s laser and ultrasound business for AUD 100 million (US$ 69.17 million). This acquisition will help LUMIBIRD to enlarge its business into the diagnosis and treatment of ocular diseases.

Under the transaction agreed on December 23, 2019, the Lumibird Group will acquire all of Ellex’s laser and ultrasound activities, with pro forma revenues of AUD 65.5 million based on the year ended June 30, 2019. The assets acquired include the Ellex brand, the R&D and production site in Adelaide and the commercial subsidiaries based in Australia, Japan, the US, France and Germany.

The combination of Lumibird’s medical activities (through its subsidiary Quantel Medical) with those of Ellex offers strong potential for growth and value creation.

Marc Le Flohic, Chairman and CEO of Lumibird, says: “To truly create a difference in the lives of as many people affected by laser treatable blindness as possible, it is vital for companies such as Quantel Medical and Ellex to come together in order to reach a critical mass and make the most of their respective strengths; be that in diagnostic devices such as ultrasound or in treatments based on laser products”.

The acquisition will be submitted to Ellex’s shareholders for approval at a general meeting to be held during the first half of 2020, with completion to occur mid-2020.