IRIX - Iridex shares gain 16% on strategic deal with Topcon

Iridex (IRIX) soars 16% premarket after collaborating with Topcon, a Japanese-based manufacturer and distributor. Under the terms agreement, Topcon will acquire exclusive distribution of Iridex laser systems, delivery devices and disposable probes to be sold in Asia Pacific and key EMEA regions will significantly expand Iridex's market penetration of its non-incisional glaucoma therapy.Iridex will add Topcon’s PASCAL systems to its U.S. direct sales and rest-of-world distribution network. Further, Iridex will acquire the design and manufacturing operation of PASCAL product line.Topcon will purchase $10M of Iridex common shares at $6.18/share for net cash proceeds of ~$19.5M.

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Iridex shares gain 16% on strategic deal with Topcon