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Iridex Corporation (IRIX) Shares Rose 26.27% After-Hour, Thanks To A Strategic Alliance

PAR Stock

PAR Stock

Iridex Corporation (NASDAQ: IRIX) saw its shares’ price climbing 26.27% in after-hours trading on Tuesday following news of a strategic collaboration with a Japanese firm.

What happened?

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Mountain View, California-based IRIX has been providing laser treatments for ophthalmic conditions such as glaucoma and peripheral retinal diseases since 1989. A strategic partnership between the company and Topcon Corporation was announced today.

Iridex and Topcon are partnering on a comprehensive collaboration, which includes an Exclusive Distribution Agreement, an Asset Purchase Agreement and an Equity Funding Agreement. In these agreements, Topcon will acquire exclusive distribution of Iridex laser devices, accessories, and disposables in Asia Pacific and EMEA to be sold through its strong network in those regions.

In addition, Iridex will add Topcon’s PASCAL systems to its direct sales and distribution channels throughout the world. The company will also acquire Topcon’s PASCAL product line and its design and manufacturing operations. Iridex’s 10 million shares of common stock will be bought by Topcon for a price of $6.18 each. Before offering expenses, Iridex expects to receive approximately $19.5 million in net cash proceeds from these transactions.

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