EssilorLuxottica will buy a 50 percent stake of SightGlass Vision, which focuses on developing lenses to reduce the progression of myopia in children, from CooperCompanies, the parent company of CooperVision.

CooperCompanies held a minority ownership interest in SightGlass Vision and bought the company in January. Under the agreement with Essilux, the two companies will create a 50-50 joint venture which will buy SightGlass Vision from CooperCompanies. No financial details were released.

Essilux and CooperCompanies aim to accelerate the commercialization of SightGlass Vision’s lenses as well as grow the myopia control category. SightGlass Vision’s technology will complement both companies’ existing solutions, including Essilor’s Stellest lens and CooperVision’s MiSight and Orthokeratology contact lenses.

The last few decades have seen a steady rise in the prevalence of myopia across the globe, notably under the effect of lifestyle changes. Today affecting 2.6 billion people worldwide, it is estimated that nearly 5 billion people, or half of the world population, will be myopic by 2050. Myopia is the leading cause of visual impairment in children and, over time, may contribute to an increased risk of developing permanent vision impairment, including macular degeneration, retinal detachment, cataract and glaucoma, and blindness associated with high myopia, the companies said.

SightGlass Vision, which is based in California, was founded in 2016. In June 2020, lenses using SightGlass Vision’s Diffusion Optics Technology (DOT) received CE Mark declaration allowing commercialization across the European Union, United Kingdom, and other European Economic Area countries. The lenses are also approved for sale in Canada.