Alcon Boosts Femtosecond Laser Portfolio with Acquisition of Lensar

Alcon has announced a definitive merger agreement to acquire Lensar, Inc., marking a significant expansion of its femtosecond laser-assisted cataract surgery (FLACS) offerings. The acquisition, valued at approximately $356 million, underscores Alcon’s strategic commitment to advancing ophthalmic surgical technologies.

Acquisition Terms and Strategic Assets

Under the terms of the agreement, Alcon will acquire all outstanding shares of Lensar at $14 per share in cash, representing a total transaction value of approximately $356 million. The deal also includes a non-tradeable contingent value right (CVR) of up to $2.75 per share in cash, contingent upon achieving 614,000 cumulative procedures using Lensar products between January 1, 2026, and December 31, 2027. This could bring the total consideration to $16.75 per share, or approximately $430 million.

As part of the acquisition, Alcon will obtain:

       • The ALLY™ Adaptive Cataract Treatment System

       • Streamline®, Lensar’s proprietary software technology

       • The Lensar legacy femtosecond laser system

These technologies are expected to bolster Alcon’s current FLACS portfolio, enhancing procedural capabilities and surgical efficiency.

Regulatory Milestones and Global Reach

The ALLY system received FDA clearance in 2022 and was approved in Europe in 2023. According to Lensar, ALLY is the first FDA-cleared platform that enables cataract surgeons to perform the full FLACS procedure within a single, sterile environment, a significant advancement in surgical workflow.

Executive Perspectives

David Endicott, CEO of Alcon, commented in a company news release:

“We are excited for the opportunity to bring Lensar’s unique next-generation technologies and intellectual property into our innovative, market-leading equipment portfolio. By leveraging our global footprint, we have the opportunity to deliver the benefits of advanced femtosecond laser technology to many more surgeons around the world and continue to improve efficiency in cataract surgery.”

Nick Curtis, CEO of Lensar, echoed the enthusiasm:

“Our focus has been on providing surgeons with breakthrough laser technology in cataract surgery for today and tomorrow. Thanks to the continued passion and commitment of Lensar associates, customers and our investors, we are excited about the potential Alcon has to advance the industry in next-generation laser technology for refractive cataract surgery, furthering our and their mission to meet the needs of both surgeons and their cataract patients.”

Timeline for Completion

The transaction is expected to close in mid-to-late 2025, subject to customary closing conditions, including regulatory approvals and approval by Lensar’s stockholders.