Staar Surgical to Remain Independent After Shareholders Reject Alcon Merger

After a contentious 5-month shareholder battle, the proposed merger agreement between Alcon and Staar Surgical has been terminated. 

Staar Surgical announced that it did not receive the required stockholder approval to complete its proposed merger with Alcon. Based on preliminary estimates from Staar’s proxy solicitor, the necessary votes were not obtained at the Special Meeting of Stockholders held on January 6. As a result, Staar said it intends to terminate the merger agreement. No termination fee will be payable by either party. 

Alcon separately confirmed that it has terminated the definitive merger agreement with Staar that was originally announced on August 5, 2025. At that time, Alcon announced plans to buy Staar in a $1.5 billion deal—a premium of about 59% over Staar’s average stock price going back 3 months from that date—amounting to $28 per share in cash. 

Broadwood Partners, Staar's biggest shareholder with a 30.2% stake, pushed back against Alcon's offer, saying it undervalued the business. 

Following the termination, Staar will remain a standalone, publicly traded company and continue to trade on the Nasdaq Stock Market under the ticker symbol “STAA.”

“The Board approved the Alcon agreement because we determined that it was in the best interests of Staar stockholders,” said Stephen Farrell, President and CEO of Staar. “We respect the outcome of the vote and look forward to working collaboratively with shareholders to ensure the best possible outcome for Staar as a stand-alone company.”

Mr. Farrell emphasized that Staar remains focused on driving long-term value and expanding the global adoption of its core technology, which includes its EVO family of Implantable Collamer Lenses (EVO ICL). In the near term, Staar said it plans to prioritize profitable sales growth while driving efficiencies through its distribution network. The company also reiterated its belief that EVO ICL technology has significant untapped potential worldwide.

Alcon, meanwhile, said its strategic priorities remain unchanged despite the termination of the agreement.

“Throughout this process we remained disciplined with our views on price and risk,” said David J. Endicott, CEO of Alcon. “Moving forward, our refractive strategy is unchanged and our new WaveLight Plus offering remains our focus for the most popular refractive surgery in the world, LASIK.”

Mr. Endicott added that Alcon expects 2026 to be an active year for the company, with continued global launches of more than 10 major products across its surgical and vision care franchises, aimed at advancing outcomes for eye care disorders and improving vision for patients worldwide.

Staar said the final, certified results of the Special Meeting of Stockholders will be disclosed in a Form 8-K to be filed with the U.S. Securities and Exchange Commission.

Originally published online on Eyewire+.