Alcon and STAAR Surgical, the manufacturer of the Implantable Collamer Lens (ICL), 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 (nearsightedness), with or without astigmatism.
Under the terms of the agreement, Alcon will purchase all outstanding shares of STAAR common stock for $28 per share in cash, which represents a total equity value of approximately $1.5 billion.
The EVO family of ICLs are implantable lenses that address a 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 (the colored part of the eye) and the natural crystalline lens during a procedure that does not remove corneal tissue.
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 six 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 two.
