Alcon has announced an agreement to acquire STAAR Surgical Company for $28 per share in cash, valuing the manufacturer of Implantable Collamer® Lenses (ICLs) at approximately $1.5 billion. The price represents a 59% premium to STAAR’s 90-day VWAP and a 51% premium to its August 4 closing price.
STAAR’s EVO family of ICLs offers a minimally invasive, reversible solution for moderate to high myopia, with or without astigmatism. The acquisition will complement Alcon’s laser vision correction portfolio, expanding treatment options for patients unsuitable for LASIK.
Alcon CEO David Endicott said: “With the number of high myopes rising globally, the acquisition of STAAR enhances our ability to offer a leading surgical vision correction solution for those who are not ideal candidates for other refractive surgeries such as LASIK. This transaction will allow us to provide treatment options across the full spectrum of myopia – from contact lenses to surgical interventions – reinforcing our commitment to addressing the most significant needs in eye care.”
STAAR CEO Stephen Farrell noted that recent market volatility, particularly in China, had posed challenges for the company, and that he believes “the transaction with Alcon represents the best path forward and provides the greatest value for STAAR shareholders.”
Both companies’ boards unanimously approved the transaction, which is expected to close within six to 12 months, pending regulatory and shareholder approvals. The acquisition is expected to be accretive to Alcon’s earnings in its second year, and will be financed through short- and long-term credit facilities.
