Alcon and Lensar, Inc. announced the companies have entered into a definitive merger agreement through which Alcon intends to acquire Lensar. The acquisition includes Ally Robotic Cataract Laser Treatment System, Lensar's proprietary Streamline software technology and Lensar legacy laser system, building Alcon’s femtosecond laser-assisted cataract surgery (FLACS) offering, Alcon said in a press release.
Under the terms of the agreement, Alcon will purchase all outstanding shares of Lensar for $14.00 per share in cash (an aggregate implied value of approximately $356 million*), with an additional non-tradeable contingent value right offering up to $2.75 per share in cash, conditioned on achievement of 614,000 cumulative procedures with Lensar's products between January 1, 2026, and December 31, 2027. The total potential consideration of $16.75 per share represents a premium of 24% to Lensar's 30-day VWAP and a premium of 47% to Lensar's 90-day VWAP, assuming the milestone is met. The transaction represents a total consideration of up to approximately $430 million.*
“We are excited for the opportunity to bring Lensar's unique next-generation technologies and intellectual property into our innovative, market-leading equipment portfolio,” said David Endicott, chief executive officer of Alcon in the press release. “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.”
“Our focus has been on providing surgeons with breakthrough laser technology in cataract surgery for today and tomorrow,” said Nick Curtis, chief executive officer of Lensar. “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.”
The transaction is anticipated to close in mid-to-late 2025, subject to customary closing conditions, including regulatory approval and approval by Lensar's stockholders.
* Assuming use of the Treasury Stock Method