Alcon Agrees to Acquire LENSAR, Inc.
Alcon (SIX/NYSE: ALC) has announced a definitive merger agreement to acquire LENSAR (NASDAQ: LNSR), acquiring all outstanding shares at $14.00 per share in cash ($356 million), with an additional contingent value right of up to $2.75 per share based on procedure milestones, bringing potential total consideration to $430 million.
The acquisition includes LENSAR's ALLY Robotic Cataract Laser Treatment System, Streamline® software technology, and legacy laser system, strengthening Alcon's femtosecond laser-assisted cataract surgery (FLACS) portfolio. The deal offers a 24% premium to LENSAR's 30-day VWAP and 47% premium to 90-day VWAP.
With over 5 million cataract procedures in the US and 32 million globally, this acquisition aims to expand advanced femtosecond laser technology accessibility worldwide. The transaction is expected to close in mid-to-late 2025, subject to regulatory approval and LENSAR stockholder approval.
Alcon (SIX/NYSE: ALC) ha annunciato un accordo di fusione definitivo per acquisire LENSAR (NASDAQ: LNSR), acquisendo tutte le azioni in circolazione a $14,00 per azione in contante ($356 milioni), con un ulteriore diritto di valore contingente fino a $2,75 per azione basato su traguardi procedurali, portando il potenziale totale a $430 milioni.
L'acquisizione include il ALLY Robotic Cataract Laser Treatment System di LENSAR, la tecnologia software Streamline® e il sistema laser legacy, rafforzando il portafoglio di chirurgia della cataratta assistita da laser a femtosecondi (FLACS) di Alcon. L'accordo offre un premio del 24% rispetto al VWAP di 30 giorni di LENSAR e un premio del 47% rispetto al VWAP di 90 giorni.
Con oltre 5 milioni di procedure di cataratta negli Stati Uniti e 32 milioni a livello globale, questa acquisizione mira ad espandere l'accessibilità della tecnologia laser a femtosecondi avanzata in tutto il mondo. Si prevede che la transazione si chiuda tra la metà e la fine del 2025, soggetta all'approvazione normativa e all'approvazione degli azionisti di LENSAR.
Alcon (SIX/NYSE: ALC) ha anunciado un acuerdo de fusión definitivo para adquirir LENSAR (NASDAQ: LNSR), adquiriendo todas las acciones en circulación a $14.00 por acción en efectivo ($356 millones), con un derecho de valor contingente adicional de hasta $2.75 por acción basado en hitos de procedimiento, llevando la consideración total potencial a $430 millones.
La adquisición incluye el ALLY Robotic Cataract Laser Treatment System de LENSAR, la tecnología de software Streamline® y el sistema láser heredado, fortaleciendo el portafolio de cirugía de cataratas asistida por láser de femtosegundos (FLACS) de Alcon. El acuerdo ofrece una prima del 24% sobre el VWAP de 30 días de LENSAR y una prima del 47% sobre el VWAP de 90 días.
Con más de 5 millones de procedimientos de cataratas en EE. UU. y 32 millones a nivel mundial, esta adquisición tiene como objetivo expandir el acceso a la tecnología láser de femtosegundos avanzada en todo el mundo. 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 렌사르 (NASDAQ: LNSR)를 인수하기 위한 확정적인 합병 계약을 발표했으며, 모든 발행 주식을 주당 $14.00에 현금으로 인수하고 ($3억 5천6백만), 절차 이정표에 따라 주당 최대 $2.75의 추가 조건부 가치 권리를 부여하여 잠재적인 총 고려액을 $4억 3천만으로 높입니다.
이번 인수에는 렌사르의 ALLY 로봇 백내장 레이저 치료 시스템, Streamline® 소프트웨어 기술 및 레거시 레이저 시스템이 포함되어 있으며, 알콘의 펨토초 레이저 보조 백내장 수술 (FLACS) 포트폴리오를 강화합니다. 이 거래는 렌사르의 30일 VWAP에 대해 24%의 프리미엄과 90일 VWAP에 대해 47%의 프리미엄을 제공합니다.
미국에서 500만 건 이상의 백내장 수술과 전 세계적으로 3천2백만 건이 진행되고 있는 가운데, 이번 인수는 세계적으로 고급 펨토초 레이저 기술의 접근성을 확대하는 것을 목표로 하고 있습니다. 이 거래는 규제 승인 및 렌사르 주주 승인을 조건으로 2025년 중반에서 말에 종료될 것으로 예상됩니다.
Alcon (SIX/NYSE: ALC) a annoncé un accord de fusion définitif pour acquérir LENSAR (NASDAQ: LNSR), en acquérant toutes les actions en circulation à 14,00 $ par action en espèces (356 millions de dollars), avec un droit de valeur conditionnelle supplémentaire pouvant atteindre 2,75 $ par action basé sur des jalons de procédure, portant la considération totale potentielle à 430 millions de dollars.
L'acquisition comprend le ALLY Robotic Cataract Laser Treatment System de LENSAR, la technologie logicielle Streamline® et le système laser hérité, renforçant le portefeuille d'Alcon pour la chirurgie de la cataracte assistée par laser à femtosecondes (FLACS). L'accord offre une prime de 24 % par rapport au VWAP de 30 jours de LENSAR et une prime de 47 % par rapport au VWAP de 90 jours.
Avec plus de 5 millions de procédures de cataracte aux États-Unis et 32 millions dans le monde, cette acquisition vise à élargir l'accès à la technologie laser à femtosecondes avancée dans le monde entier. La transaction devrait être finalisée entre la mi et 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) angekündigt, bei der alle ausstehenden Aktien zu einem Preis von 14,00 $ pro Aktie in bar ($356 Millionen) erworben werden, mit einem zusätzlichen bedingten Wertrecht von bis zu 2,75 $ pro Aktie, basierend auf Verfahrensmeilensteinen, was die potenzielle Gesamtsumme auf 430 Millionen $ erhöht.
Die Übernahme umfasst das ALLY Robotic Cataract Laser Treatment System von LENSAR, die Softwaretechnologie Streamline® und das Legacy-Lasersystem, wodurch das Portfolio von Alcon für die mit Femtosekundenlaser assistierte Kataraktchirurgie (FLACS) gestärkt wird. Der Deal bietet eine Prämie von 24 % gegenüber dem 30-Tage-VWAP von LENSAR und eine Prämie von 47 % gegenüber dem 90-Tage-VWAP.
Mit über 5 Millionen Kataraktverfahren in den USA und 32 Millionen weltweit zielt diese Übernahme darauf ab, den Zugang zu fortschrittlicher Femtosekundenlasertechnologie weltweit zu erweitern. Es wird erwartet, dass die Transaktion Mitte bis Ende 2025 abgeschlossen wird, vorbehaltlich der Genehmigung durch die Aufsichtsbehörden und der Genehmigung der LENSAR-Aktionäre.
- All-cash acquisition at significant premium (24% to 30-day VWAP)
- Additional upside potential through $2.75/share contingent value right
- Access to Alcon's global distribution network for market expansion
- Strategic fit with Alcon's existing cataract surgery portfolio
- Deal completion subject to regulatory and shareholder approval risks
- Contingent value right payment dependent on achieving specific procedure targets
- Extended closing timeline (mid-to-late 2025) creates execution uncertainty
Insights
Alcon's $356 million acquisition of LENSAR represents a strategic transaction with significant shareholder value implications. The $14.00 per share base offer plus potential $2.75 contingent value right creates a total consideration of up to $16.75 per share, representing a
Looking at the current
For LENSAR, this exit provides certainty and liquidity at a significant premium, while Alcon gains advanced femtosecond laser technology to strengthen its cataract equipment portfolio. With approximately 32 million cataract procedures performed globally annually, Alcon can leverage its substantial distribution network to accelerate LENSAR technology adoption, particularly in international markets where LENSAR currently has presence.
The mid-to-late 2025 expected closing timeline suggests confidence in obtaining regulatory approval, though the transaction remains contingent on LENSAR stockholder approval. Strategic rationale appears sound as this acquisition enhances Alcon's capabilities in the growing premium cataract surgery segment.
This acquisition represents significant validation of LENSAR's ALLY Robotic Cataract Laser System technology in the evolving femtosecond laser-assisted cataract surgery (FLACS) space. The ALLY system's differentiated features—integrating artificial intelligence with dual-modality laser technology—position it as a next-generation platform compared to legacy systems.
The clinical value proposition of FLACS centers on precision and reproducibility for critical surgical steps including capsulotomy, lens fragmentation, and astigmatism management. The technology eliminates manual blade incisions and can be deployed in both hospital operating rooms and in-office surgical suites, enhancing workflow flexibility for providers.
Alcon's global infrastructure provides the scale needed to accelerate LENSAR technology adoption beyond its current installed base. This addresses one of the historical challenges facing smaller medical device companies: distribution reach despite innovative technology. The acquisition should accelerate access to advanced cataract surgery techniques across global markets.
From a market perspective, premium cataract surgery continues growing as patient expectations rise and technologies improve. The 5 million U.S. cataract procedures and 32 million global procedures represent substantial market opportunity. Combining LENSAR's technology with Alcon's comprehensive cataract portfolio creates powerful cross-selling opportunities with intraocular lenses and surgical consumables.
- 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
GENEVA and ORLANDO, Fla., March 24, 2025 (GLOBE NEWSWIRE) -- 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 U.S., and approximately 32 million globally.1 FLACS is designed to allow surgeons to utilize a computer-guided laser to address and manage the high prevalence of visually significant astigmatism, perform corneal incisions, capsulotomy, including a refractive capsulotomy, and lens fragmentation, removing the need for blade incisions. This can contribute to more precise, reproducible and reliable 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.
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
- 2025 Market Scope Data.
Alcon Investor Relations
Daniel Cravens, Allen Trang
+ 41 589 112 110 (Geneva)
+ 1 817 615 2789 (Fort Worth)
investor.relations@alcon.com
Alcon Media Relations
Steven Smith
+ 41 589 112 111 (Geneva)
+ 1 817 551 8057 (Fort Worth)
globalmedia.relations@alcon.com
LENSAR Investor Relations
Thomas R. Staab, II, CFO
ir.contact@lensar.com
LENSAR Media Relations
Lee Roth / Cameron Radinovic
Burns McClellan for LENSAR
lroth@burnsmc.com / cradinovic@burnsmc.com
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* Assuming use of the Treasury Stock Method
FAQ
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