Swiss ophthalmic device company Alcon agreed to acquire Lensar, a US-based company specialising in advanced laser solutions for cataract treatment, for $430m.
Under the agreement, Alcon will purchase all outstanding shares of Lensar for $14 per share in cash, totalling around $356m.
The Swiss company will also offer an additional contingent value right (CVR) of up to $2.75 per share, bringing the total potential consideration to $16.75 per share.
The CVR offering is subject to achieving 614,000 cumulative procedures with LENSAR’s products between 1 January 2026 and 31 December 2027.
The total consideration of up to $430m is a 24% premium to Lensar’s 30-day volume-weighted average price (VWAP) and a 47% premium to its 90-day VWAP.
The proposed transaction is expected to be completed in mid-to-late 2025, subject to regulatory and stockholder approvals.
Alcon CEO David Endicott said: “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.”
The acquisition will integrate Lensar’s ALLY Robotic Cataract Laser Treatment System, Streamline software technology and legacy laser systems, into Alcon’s existing offerings.
It aims to enhance Alcon’s cataract equipment and technology portfolio, including femtosecond laser-assisted cataract surgery (FLACS) offering.
The FLACS technology allows surgeons to perform precise, computer-guided laser procedures, addressing astigmatism and enhancing cataract surgery precision and reliability.
Lazard served as financial advisor and Norton Rose Fulbright as legal advisor to Alcon, on this transaction.
Wells Fargo served as financial advisor and Latham & Watkins as legal advisor to Lensar.
Lensar CEO Nick Curtis said: “Our focus has been on providing surgeons with breakthrough Lensar 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.”
