Ellex Medical Lasers Ltd. said it agreed to sell its unit Ellex Lasers & Ultrasound to Lumibird SA for A$100 million.
The sale excludes the Australian company's glaucoma surgery system iTrack and eye therapy 2RT.
Lumibird sells lasers and ultrasound products under the Quantel Medical brand, and the purchase will help complement its existing product offerings. In addition to Ellex Lasers & Ultrasound's product portfolio, Lumibird will also acquire the company's manufacturing facility in Adelaide, Australia.
Moving forward, Ellex intends to focus its efforts on iTrack to cater to the glaucoma surgery device market, Ellex Chairman Victor Previn said in a statement. Ellex also plans to change its name following the sale which is expected to close by April 2020, subject to Ellex shareholder approval which will be sought in late March 2020.
Ellex designs, manufactures and commercializes systems to treat eye diseases, while Lannion, France-based Lumibird makes laser products for medical as well as scientific and industrial use.