Alcon has entered into a definitive agreement to acquire Staar Surgical in a transaction valued at $1.5 billion. The acquisition is aimed at strengthening Alcon’s position in the field of lens implants, particularly for the treatment of nearsightedness.
Staar Surgical specializes in implantable collamer lenses, including the Evo and Visian products, which provide alternatives to glasses, contact lenses, and LASIK surgery. These lenses are designed for individuals with moderate to high myopia, with or without astigmatism, and are placed between the iris and the eye’s natural lens through a minimally invasive procedure. Staar’s product line also includes lenses for the correction of farsightedness, although those have not yet been approved for use in the United States.
Under the terms of the acquisition, Alcon will purchase Staar shares at $28 per share in cash, representing a premium of approximately 59% over the company’s three-month average stock price. Alcon stated that it intends to finance the transaction through short- and long-term credit facilities.
Alcon CEO David Endicott said, “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.”
Alcon has cited projections that half of the global population will have some degree of myopia by 2050. Currently, around 500 million individuals are estimated to be living with high-grade nearsightedness.
Staar Surgical has recently faced operational challenges, particularly in China. In its first-quarter earnings report this past May, the company reported a 45% year-over-year decline in net sales, dropping to $42.6 million from $77.4 million. The decline was attributed to a planned reduction of channel inventory in China. Outside of China, the company reported a 9% increase in net sales and expressed an expectation of resuming growth in the Chinese market in the third quarter of the year.
In February, Staar appointed Stephen Farrell as CEO, replacing Tom Frinzi. The leadership transition occurred amid a workforce reduction that resulted in the layoff of approximately 115 employees. The following month, Staar restructured its executive leadership team, which included the departures of the company’s chief financial officer and chief technology officer.
Staar has also been taking steps to address changes in international trade conditions, including efforts to reduce its exposure to new tariffs on goods entering China. These efforts included moving inventory into the country ahead of new duty deadlines and planning to increase production at its facilities in Switzerland while reducing output in the United States.
Commenting on the acquisition, Farrell said, “We believe the transaction with Alcon represents the best path forward and provides the greatest value for STAAR shareholders.” He also noted that fluctuations in demand from China over the past two years have posed ongoing challenges for the company as an independent entity. While he acknowledged the efforts made by the team to manage recent difficulties, he stated that further work remains and added that Alcon’s size and resources could support broader adoption of the EVO ICL and allow the technology to reach more surgeons and patients.
The companies anticipate closing the transaction within a timeframe of six to twelve months, subject to standard closing conditions and regulatory approvals.
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