Alcon Agrees to Acquire LENSAR, Inc.
Alcon (SIX/NYSE: ALC) has entered into a definitive merger agreement to acquire LENSAR (NASDAQ: LNSR), strengthening its cataract equipment portfolio. The acquisition includes LENSAR's ALLY Robotic Cataract Laser System, Streamline software, and legacy laser system.
The deal values LENSAR at $14.00 per share in cash (approximately $356 million), with an additional contingent value right of up to $2.75 per share based on achieving 614,000 cumulative procedures between 2026-2027. The total potential consideration of $16.75 per share represents a 24% premium to LENSAR's 30-day VWAP and 47% to 90-day VWAP, potentially reaching $430 million.
The acquisition targets the growing cataract surgery market, with over 5 million procedures in the U.S. and 32 million globally. The transaction is expected to close in mid-to-late 2025, subject to regulatory approval and LENSAR stockholder approval.
Alcon (SIX/NYSE: ALC) ha stipulato un accordo di fusione definitivo per acquisire LENSAR (NASDAQ: LNSR), rafforzando il suo portafoglio di attrezzature per la cataratta. L'acquisizione include il sistema laser robotico per cataratta ALLY di LENSAR, il software Streamline e il sistema laser legacy.
Il valore dell'accordo per LENSAR è di $14,00 per azione in contante (circa $356 milioni), con un ulteriore diritto di valore contingente fino a $2,75 per azione, basato sul raggiungimento di 614.000 procedure cumulative tra il 2026 e il 2027. Il totale potenziale della considerazione di $16,75 per azione rappresenta un premio del 24% rispetto al VWAP di 30 giorni di LENSAR e del 47% rispetto al VWAP di 90 giorni, con un potenziale massimo di $430 milioni.
L'acquisizione mira al crescente mercato della chirurgia della cataratta, con oltre 5 milioni di procedure negli Stati Uniti e 32 milioni a livello globale. Si prevede che la transazione si chiuda a metà o fine 2025, soggetta all'approvazione normativa e all'approvazione degli azionisti di LENSAR.
Alcon (SIX/NYSE: ALC) ha firmado un acuerdo de fusión definitivo para adquirir LENSAR (NASDAQ: LNSR), fortaleciendo su cartera de equipos para cataratas. La adquisición incluye el sistema láser robótico para cataratas ALLY de LENSAR, el software Streamline y el sistema láser heredado.
El acuerdo valora a LENSAR en $14.00 por acción en efectivo (aproximadamente $356 millones), con un derecho de valor contingente adicional de hasta $2.75 por acción basado en alcanzar 614,000 procedimientos acumulativos entre 2026 y 2027. La consideración total potencial de $16.75 por acción representa una prima del 24% respecto al VWAP de 30 días de LENSAR y del 47% respecto al VWAP de 90 días, alcanzando potencialmente $430 millones.
La adquisición se dirige al creciente mercado de cirugía de cataratas, con más de 5 millones de procedimientos en EE. UU. y 32 millones a nivel mundial. Se espera que la transacción se cierre a mediados o finales de 2025, sujeta a la aprobación regulatoria y a la aprobación de los accionistas de LENSAR.
알콘 (SIX/NYSE: ALC)은 렌사 (NASDAQ: LNSR)를 인수하기 위한 확정적인 합병 계약을 체결하여 백내장 장비 포트폴리오를 강화했습니다. 이번 인수에는 렌사의 ALLY 로봇 백내장 레이저 시스템, Streamline 소프트웨어 및 기존 레이저 시스템이 포함됩니다.
이번 거래는 렌사의 가치를 현금으로 주당 $14.00 (약 $3억 5천6백만)으로 평가하며, 2026년부터 2027년 사이에 614,000건의 누적 절차를 달성할 경우 주당 최대 $2.75의 추가 조건부 가치 권리가 있습니다. 주당 총 잠재적 보상인 $16.75는 렌사의 30일 VWAP 대비 24% 프리미엄, 90일 VWAP 대비 47% 프리미엄을 나타내며, 최대 $4억 3천만에 이를 수 있습니다.
이번 인수는 미국에서 500만 건, 전 세계적으로 3천2백만 건 이상의 절차가 이루어지는 성장하는 백내장 수술 시장을 겨냥하고 있습니다. 거래는 규제 승인 및 렌사 주주 승인을 조건으로 2025년 중반 또는 말에 마무리될 것으로 예상됩니다.
Alcon (SIX/NYSE: ALC) a conclu un accord de fusion définitif pour acquérir LENSAR (NASDAQ: LNSR), renforçant ainsi son portefeuille d'équipements pour cataracte. L'acquisition comprend le système laser robotique pour cataracte ALLY de LENSAR, le logiciel Streamline et le système laser hérité.
L'accord valorise LENSAR à 14,00 $ par action en espèces (environ 356 millions $), avec un droit de valeur conditionnelle supplémentaire pouvant atteindre 2,75 $ par action, basé sur l'atteinte de 614 000 procédures cumulatives entre 2026 et 2027. La contrepartie totale potentielle de 16,75 $ par action représente une prime de 24 % par rapport au VWAP de 30 jours de LENSAR et de 47 % par rapport au VWAP de 90 jours, atteignant potentiellement 430 millions $.
L'acquisition cible le marché en pleine expansion de la chirurgie de la cataracte, avec plus de 5 millions de procédures aux États-Unis et 32 millions dans le monde. La transaction devrait être finalisée à la mi ou à la fin de 2025, sous réserve de l'approbation réglementaire et de l'approbation des actionnaires de LENSAR.
Alcon (SIX/NYSE: ALC) hat eine endgültige Fusionsvereinbarung zur Übernahme von LENSAR (NASDAQ: LNSR) getroffen, um sein Portfolio an Kataraktgeräten zu stärken. Die Übernahme umfasst das ALLY Robotic Cataract Laser System von LENSAR, die Streamline-Software und das bestehende Lasersystem.
Der Deal bewertet LENSAR mit 14,00 $ pro Aktie in bar (ca. 356 Millionen $), mit einem zusätzlichen bedingten Wertrecht von bis zu 2,75 $ pro Aktie, basierend auf dem Erreichen von 614.000 kumulativen Verfahren zwischen 2026 und 2027. Die gesamte potenzielle Gegenleistung von 16,75 $ pro Aktie stellt eine Prämie von 24 % gegenüber dem 30-Tage-VWAP von LENSAR und 47 % gegenüber dem 90-Tage-VWAP dar, wobei die Gesamtbewertung bis zu 430 Millionen $ erreichen kann.
Die Übernahme zielt auf den wachsenden Markt für Kataraktoperationen ab, mit über 5 Millionen Verfahren in den USA und 32 Millionen weltweit. Die Transaktion wird voraussichtlich Mitte bis Ende 2025 abgeschlossen, vorbehaltlich der behördlichen Genehmigung und der Zustimmung der LENSAR-Aktionäre.
- Strategic acquisition strengthens Alcon's position in femtosecond laser-assisted cataract surgery
- Access to LENSAR's advanced robotic technology and proprietary software
- Expansion opportunity through Alcon's global distribution network
- Targets large market with 32 million global cataract procedures annually
- Significant capital expenditure of up to $430 million
- Long closing timeline (mid-to-late 2025) creates execution uncertainty
- Achievement of contingent payment milestone not guaranteed
- Regulatory and stockholder approval risks
Insights
Alcon's acquisition of LENSAR represents a strategic expansion in the high-growth cataract surgery equipment market. The
The deal structure offers LENSAR shareholders a substantial premium –
This tuck-in acquisition perfectly complements Alcon's existing ophthalmology leadership position. The transaction leverages Alcon's global distribution network to accelerate adoption of LENSAR's advanced laser technology, particularly the ALLY Robotic Cataract Laser System. By consolidating complementary technologies, Alcon should strengthen its competitive positioning against rivals like Johnson & Johnson Vision and Bausch + Lomb in the premium cataract surgery segment.
While the
This acquisition brings together LENSAR's cutting-edge laser technology with Alcon's market-leading distribution capabilities in a highly synergistic combination. The ALLY Robotic Cataract Laser System represents next-generation FLACS technology that addresses key surgical workflow bottlenecks in cataract procedures.
The technical advantages of LENSAR's system include its compact design, dual-modality laser, and proprietary Streamline software with AI integration. These features enable greater surgical precision for managing astigmatism, creating corneal incisions, performing capsulotomy, and lens fragmentation – all without blades. The system's versatility allows deployment in both traditional ORs and in-office surgical suites, potentially expanding the procedure setting options.
From a clinical perspective, FLACS technology offers surgeons enhanced precision and reproducibility for cataract procedures. The ability to perform refractive capsulotomies and manage astigmatism addresses significant unmet needs, as astigmatism affects a large percentage of cataract patients. When integrated into Alcon's comprehensive equipment ecosystem, this technology could standardize advanced procedures and potentially improve visual outcomes.
The acquisition aligns with industry trends toward increasing automation and precision in ophthalmic surgery. By consolidating complementary technologies under one company, surgeons will benefit from more integrated solutions and streamlined workflows. The 5 million U.S. procedures and 32 million global procedures represent substantial clinical opportunities for technology adoption, particularly as patient expectations for visual outcomes continue to rise.
- Acquisition of ALLY Robotic Cataract Laser Systems strengthens Alcon’s cataract equipment and technology portfolio
- Next generation technology will be expanded globally, improving the efficiency of cataract surgery
Alcon (SIX/NYSE: ALC), the global leader in eye care dedicated to helping people see brilliantly, and LENSAR, Inc. (NASDAQ: LNSR), a global medical technology company focused on advanced laser solutions for the treatment of cataracts, today 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.
Under the terms of the agreement, Alcon will purchase all outstanding shares of LENSAR for
“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. “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.”
Currently, there are more than 5 million cataract procedures in the
* Assuming use of the Treasury Stock Method
“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.
Lazard is serving as financial advisor to Alcon, and Norton Rose Fulbright is serving as legal advisor to Alcon. Wells Fargo is serving as financial advisor to LENSAR and Latham & Watkins LLP is serving as legal advisor to LENSAR.
Forward-looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the potential transaction between Alcon and LENSAR and the expected timing, impacts and benefits thereof, Alcon’s and LENSAR’s business strategies, performance, market adoption and usage. In some cases, you can identify forward-looking statements by terms such as “aim,” “anticipate,” “approach,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “goal,” “intend,” “look,” “may,” “mission,” “plan,” “possible,” “potential,” “predict,” “project,” “pursue,” “should,” “target,” “will,” “would,” or the negative thereof and similar words and expressions.
Forward-looking statements are based on Alcon’s and LENSAR’s management’s current expectations, beliefs and assumptions and on information currently available to us. Such statements are subject to a number of known and unknown risks, uncertainties and assumptions. The following factors could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: (i) the proposed merger may not be completed in a timely manner or at all, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect LENSAR or the expected benefits of the proposed merger or that the approval of LENSAR’s stockholders is not obtained; (ii) the failure to realize the anticipated benefits of the proposed merger; (iii) the possibility that competing offers or acquisition proposals for LENSAR will be made; (iv) risks that the milestone related to the contingent value rights is not achieved; (v) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger, including in circumstances which would require LENSAR to pay a termination fee or other expenses; (vii) the effect of the announcement or pendency of the merger on LENSAR’s ability to retain and hire key personnel, or its operating results and business generally, (viii) there may be liabilities related to the merger that are not known, probable or estimable at this time or unexpected costs, charges or expenses; (ix) the merger may result in the diversion of management’s time and attention to issues relating to the merger; (x) there may be significant transaction costs in connection with the merger; (xi) legal proceedings may be instituted against LENSAR following the announcement of the merger, which may have an unfavorable outcome; and (xii) LENSAR’s stock price may decline significantly if the merger is not consummated. In addition, a number of other important factors could cause LENSAR’s actual future results and other future circumstances to differ materially from those expressed in any forward-looking statements, including but not limited to those important factors discussed under the heading “Risk Factors” contained in Alcon’s Annual Report on Form 20-F for the fiscal year ended December 31, 2024 and in LENSAR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, each as filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in such company’s other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations section of LENSAR’s website at https://ir.lensar.com and Alcon’s website at investor.alcon.com.
All forward-looking statements are expressly qualified in their entirety by such factors. Except as required by law, neither Alcon nor LENSAR undertake any obligation to publicly update or review any forward-looking statement, whether because of new information, future developments or otherwise. These forward-looking statements should not be relied upon as representing Alcon’s or LENSAR’s views as of any date subsequent to the date of this press release.
About Alcon
Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people’s lives. Our Surgical and Vision Care products touch the lives of more than 260 million people in over 140 countries each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.
About LENSAR
LENSAR is a commercial-stage medical device company focused on designing, developing, and marketing advanced systems for the treatment of cataracts and the management of astigmatism as an integral aspect of the procedure. LENSAR has developed its ALLY Robotic Cataract Laser System™ as a compact, highly ergonomic system utilizing an extremely fast dual-modality laser and integrating AI into proprietary imaging and software. ALLY is designed to transform premium cataract surgery by utilizing LENSAR’s advanced robotic technologies with the ability to perform the entire procedure in a sterile operating room or in-office surgical suite, delivering operational efficiencies and reduced overhead. ALLY includes LENSAR’s proprietary Streamline® software technology, designed to guide surgeons to achieve better outcomes. Learn more at www.lensar.com.
Additional Information
This press release may be deemed solicitation material in respect of the proposed acquisition of LENSAR. A special stockholder meeting will be announced soon to obtain stockholder approval in connection with the proposed merger. LENSAR expects to file with the SEC a proxy statement and other relevant documents in connection with the proposed merger. Investors of LENSAR are urged to read the definitive proxy statement and other relevant materials carefully and in their entirety when they become available because they will contain important information about the Company and the proposed merger. Investors may obtain a free copy of these materials (when they are available) and other documents filed by LENSAR with the SEC at the SEC’s website at www.sec.gov and at LENSAR’s website at https://ir.lensar.com.
Participants in the Solicitation
LENSAR and its directors, executive officers and certain other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of LENSAR’s stockholders in connection with the proposed merger will be set forth in LENSAR’s definitive proxy statement for its special stockholder meeting. Additional information regarding these individuals and any direct or indirect interests they may have in the proposed merger will be set forth in the definitive proxy statement when and if it is filed with the SEC in connection with the proposed merger.
References
1. 2025 Market Scope Data.
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ir.contact@lensar.com
LENSAR Media Relations
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Burns McClellan for LENSAR
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Source: Alcon Inc. Swiss
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