ACCC to review sale of Ellex Medical Lasers

The ACCC will review the sale of Ellex Lasers and Ultrasound to Lumibird Group SA following the sale’s approval by shareholders.

While many of the conditions for the sale, announced in December, have been satisfied, Ellex and Lumibird are continuing to work on the remaining conditions.

Under the sale agreement Lumibird will purchase Ellex Medical Lasers laser businesses for $100 million together with the company’s Adelaide factory where it makes lasers to treat glaucoma, cataracts and diabetic eye disease.

The Ellex name is part of the sale to the French group.

If the sale is completed, Ellex shareholders have approved a name change for the company to Nova Eye Medical Limited.

The new company would continue to own the iTrack glaucoma business which manufactures in Fremont, California, according to chairman Victor Previn.

This business made an EBITDA loss of $1.7 million in the first half on sales of $6.6 million.

Nova would also retain rights to its proprietary 2RT laser technology as a therapy for patients with intermediate age-related macular degeneration.

Sales for this product were $800,000 in the first half, with a loss of $200,000.

Ellex will return $61 million to shareholders post-sale.

Picture: Ellex

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