Alcon and Staar Surgical announced the companies have entered into a definitive merger agreement through which Alcon intends to acquire Staar. The acquisition includes the EVO family of lenses (EVO ICL) for vision correction for patients with moderate to high myopia, with or without astigmatism, according to a press release.
Under the terms of the agreement, Alcon will purchase all outstanding shares of Staar common stock for $28 per share in cash, which represents approximately a 59% premium to Staar’s 90-day Volume Weighted Average Price (VWAP) and a 51% premium to the closing price of Staar common stock on August 4, 2025. The transaction represents a total equity value of approximately $1.5 billion, according to the press release.
The EVO family of ICLs are implantable lenses that address a wide range of vision correction needs, including myopia with and without astigmatism, through a minimally invasive procedure that is reversible. The EVO family of ICLs are implanted between the iris and the natural crystalline lens during a procedure that does not remove corneal tissue.
“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,” said David Endicott, CEO of Alcon, in the press release. “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.”
Also commenting on the acquisition, Stephen Farrell, CEO of Staar, said: “We believe the transaction with Alcon represents the best path forward and provides the greatest value for Staar shareholders. As we’ve shared, fluctuating demand in China over the past 2 years has continued to create significant headwinds for Staar as a standalone company. I'm proud of our team’s efforts to address recent challenges, but there is more work to do. As a significantly larger company, Alcon has the capabilities and scale to accelerate EVO ICL adoption and bring our innovative technology to more surgeons and patients worldwide.”
According to the press release, the transaction is not subject to a financing condition. Alcon intends to finance the transaction through the issuance of short- and long-term credit facilities. The transaction is anticipated to close in approximately 6 to 12 months, subject to customary closing conditions, including regulatory approval and approval by Staar’s shareholders. The transaction is expected to be accretive to earnings in year 2.
The Boards of Directors of Alcon and Staar have each unanimously approved the transaction, according to the press release.