Activist investor Jana Partners has quietly built a stake in Cooper Companies and wants the medical device maker to take a closer look at how it’s running things. Cooper, based in California, makes contact lenses and fertility products… two businesses (that in Jana’s opinion) don’t exactly fit neatly together.

Shares of Cooper climbed more than 6% today after word of Jana’s involvement spread, as investors bet the hedge fund’s arrival could help pull the company out of its recent slump. Cooper’s stock is down about 22% this year after the company lowered its revenue outlook in August, blaming softer demand and slower growth across key markets. Meaning, expectations were already low… which is often when Jana tends to show up.

The hedge fund, led by Barry Rosenstein, is known for taking positions in companies that have solid foundations but could be run more efficiently. Jana has pushed for similar overhauls before… most notably at Whole Foods Market, which later sold to Amazon, and at Freshpet, where the firm’s campaign helped spark a turnaround. So clearly, this isn’t Jana’s first time pushing a company to tighten its focus.

At Cooper, Rosenstein’s team reportedly sees two strong businesses pulling in different directions. CooperVision, which makes soft contact lenses, and CooperSurgical, which sells fertility and women’s health products, have little in common. People familiar with the talks say Jana believes the company should evaluate whether both belong under the same roof… or if they’d be better off apart.

One idea already on the table is a possible combination of CooperVision with rival Bausch + Lomb. That possibility has gained traction after Bausch + Lomb CEO Brent Saunders said earlier this year that he’d be open to consolidation in the eye-care space. A deal could create one of the biggest players in global vision care, giving both companies more pricing power and reach.

Of course, pulling off a merger like that wouldn’t be easy. Antitrust regulators have taken a tougher stance on healthcare deals in recent years, and any move of that size would face heavy scrutiny. Still, analysts say Jana’s involvement could bring long-overdue urgency to a conversation that’s been hanging over Cooper for years.

“Rosenstein has a reputation for getting results,” said one fund manager who follows the company. “He’s not in the business of noise… when he gets involved, management usually listens.”

Cooper, valued at about $18 billion, has yet to release a statement. Jana hasn’t revealed how large its position is but plans to stay in touch with management and the board over the coming months, according to reports.

For now, investors seem to have some faith. Cooper remains profitable with steady cash flow, but growth has slowed and the company hasn’t given shareholders a clear sense of direction. Jana’s arrival, in other words, could finally force the issue.

At the time of publishing this article, Stocks.News holds positions in Amazon as mentioned in the article.