Ophthalmology specialist BVI Medical has completed a $1bn capital raise as it positions itself to challenge the might of seasoned eye-surgery device suppliers such as Alcon and Johnson & Johnson (J&J).
US-headquartered BVI executed the strategic raise in partnership with TPG, a private equity company with assets under management totalling $246bn. The investment represents a doubling-down from TPG, which acquired BVI from RoundTable Healthcare Partners for an undisclosed amount in 2016.
BVI offers a range of ophthalmic devices, ranging from cryosurgery and cataract surgery systems to intraocular lenses and instruments for retinal surgery. The company’s primary manufacturing facilities are based in the US, though it plans to expand its global footprint based on the big-dollar contribution from TPG.
“This investment marks a pivotal moment for BVI as we scale our capabilities to meet the rising demand for advanced ophthalmic solutions,” said BVI CEO Shervin Korangy.
BVI currently supplies devices to surgical teams in more than 90 countries, either directly or through distribution channels. It is a privately held company, so no financials are available publicly from last year or insights on which regions generated the most revenue.
Aside from pointing to new product launches and widening the reach of its customer base, the company did not disclose detailed plans of where the investment will be funnelled. BVI stated only that the investment refinances existing debt and adds new equity.
BVI has been ramping up its global expansion efforts and boosted its intraocular lens manufacturing capabilities in Europe in 2023. The new facility in Belgium opened in July 2023, enhancing the yield and efficiency of its intraocular lens business. In the same year, it also expanded its presence in Spain and Portugal with the acquisition of ophthalmic surgery device supplier Medical Mix. Within its intraocular business, BVI also launched new products such as its Serenity line intraocular lenses.
The ophthalmic device market was estimated to be worth $7.8bn in 2024 and is forecast to reach $9.8bn by 2033, fuelled by increasing prevalence of eye diseases among ageing global populations. Analysis by GlobalData places Alcon, previously a Novartis subsidiary until its spin-off in 2019, as the company with the largest global market share. J&J Vision and Zeiss take second and third spots, respectively, as per the market analysis. Zeiss recently made its own financial play, acquiring Dutch Ophthalmic Research Center for $1.07bn last year.
“BVI Medical raises $1bn as it targets larger global footprint” was originally created and published by Medical Device Network, a GlobalData owned brand.
