Eye surgery specialist BVI Medical announced this week it has raised $1 billion in new financing as it looks to boost its global intraocular lens business with “several new product launches.”
The company’s strategic capital raise was conducted in a partnership with its private equity owner, TPG.
BVI said the move fully refinances its debt and adds new equity, both from TPG and additional new investors.
“This investment marks a pivotal moment for BVI as we scale our capabilities to meet the rising demand for advanced ophthalmic solutions,” BVI President and CEO Shervin Korangy said in a statement. “We are redefining the future of eye surgery and changing the competitive landscape by driving the launch of breakthrough technologies that will empower surgeons worldwide.”
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BVI raised the curtain on the newest generation of its lens implants last September with its Serenity line, first rolling out to Europe and CE mark-accepting countries this year. The non-diffractive, monofocal lenses aim to balance long-distance and intermediate vision; they follow up on the company’s Isopure family, which launched in 2019.
Serenity also includes a toric model, which can be rotated for better alignment in patients with astigmatism.
In 2023, the Massachusetts-based company opened an IOL manufacturing facility in Belgium, while also growing its commercial footprint in Spain and Portugal through the acquisition of ophthalmic hardware distributor Medical Mix.
Formerly known as Beaver-Visitec International, BVI was acquired by TPG in 2016. The company was formed in 2010 by RoundTable Healthcare Partners, which combined ophthalmic assets gathered from Medtronic, Becton Dickinson and Aspen Surgical.