Alcon Boosts Femtosecond Laser Portfolio with Acquisition of Lensar
Alcon and Lensar have entered into a definitive merger agreement through which Alcon intends to acquire Lensar for about $356 million.
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 $14 per share in cash for an aggregate implied value of approximately $356 million. The deal includes an additional non-tradeable contingent value right offering up to $2.75 per share in cash, conditioned on achievement of 614,000 cumulative procedures with Lensar's products between January 1, 2026, and December 31, 2027, for a total potential consideration of $16.75 per share or approximately $430 million.
The ALLY Adaptive Cataract Treatment System received FDA clearance in 2002, and was approved in Europe last year. According to Lensar, ALLY is the first FDA-cleared platform to enable cataract surgeons to complete the femtosecond-laser-assisted cataract surgery (FLACS) procedure in a single, sterile environment.
“We are excited for the opportunity to bring Lensar’s unique next-generation technologies and intellectual property into our innovative, market-leading equipment portfolio,” David Endicott, Chief Executive Officer of Alcon, said in a company news release. “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.”
According to Lensar’s latest earnings report, the company installed 80 ALLY systems in 2024, increasing the installed base to more than 135 units overall. The company’s total installed systems increased to 385 by the end of the year. Global procedure volumes grew 24% to nearly 170,000, with US procedure volumes increasing 21% in 2024 vs the year before. Lensar reported full-year sales of $53.5 million in 2024, up 27% from 2023.
“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.