The transaction enables the acquirer to expand its product range and offer wide variety of contact lenses, distribute ophthalmic lenses and eyewear, manufacture GP and custom soft lenses and support practice management and buying groups.
HPC Puckett & Company is the advisor for the transaction.
Orthotic Composites, a manufacturer of orthopaedic braces, will operate as a wholly-owned subsidiary of health care company, Thuasne Group, which acquired the former with the aim of strengthening its product portfolio.
Following the acquisition, Orthotic Composites’ products and proprietary fabrication processes will be integrated into Thuasne’s manufacturing operations and North America sales network of Townsend Design, the company’s US subsidiary.
IDT Australia, a pharmaceutical and drug development company, has agreed to sell 61% stake in clinical trial services provider, CMAX, to medical support services provider I’rom Group for A$10m ($7.61m).
Expected to be completed in November 2016, the agreement also includes acquisition of the remaining stake in CMAX in June next year.