Alcon , the global leader in eye care, has announced a definitive agreement to acquire STAAR Surgical Company , a renowned manufacturer of the Implantable Collamer® Lens (ICL). The acquisition will bring the EVO ICL™ family of lenses—used to correct moderate to high myopia, with or without astigmatism—into Alcon’s surgical vision care portfolio.
Under the terms of the agreement, Alcon will acquire all outstanding shares of STAAR for $28 per share in cash, representing a ~59% premium over STAAR’s 90-day VWAP and a 51% premium to its August 4, 2025, closing price. The transaction values STAAR at approximately $1.5 billion in equity.
“With myopia rates rising globally, acquiring STAAR allows us to expand our surgical offerings for patients who may not be ideal candidates for procedures like LASIK,” said David Endicott, CEO of Alcon. “This deal strengthens our ability to serve patients across the full spectrum of myopia management—from contact lenses to implantable lenses.”
Global myopia is projected to affect 50% of the population by 2050, with nearly 500 million people currently classified as high myopes.
The EVO ICL™ family offers a minimally invasive and reversible option for vision correction, implanted between the iris and natural lens without removing corneal tissue. These lenses are designed to treat a broad range of refractive errors, offering a high-quality alternative to LASIK and other corneal surgeries.
“We believe this transaction provides the best value for STAAR shareholders,” said Stephen Farrell, CEO of STAAR Surgical. “Demand volatility in China has posed persistent challenges, and Alcon’s global scale and capabilities offer a clear path to accelerating adoption of the EVO ICL worldwide.”
Dr. Elizabeth Yeu, Chair of STAAR’s Board of Directors, added:
“This transaction delivers immediate, significant value to shareholders, surpassing what we believe could be achieved through STAAR’s standalone strategy.”
The acquisition is expected to close in six to 12 months, subject to customary closing conditions, including regulatory and shareholder approvals. Alcon plans to fund the acquisition using a combination of short- and long-term credit facilities, and the transaction is not contingent on financing. It is expected to be accretive to earnings by the second year post-closing.
The Boards of Directors of both Alcon and STAAR have unanimously approved the transaction.
Advisors:
Alcon is being advised by Morgan Stanley & Co. LLC (financial) and Gibson, Dunn & Crutcher LLP (legal).
STAAR is being advised by Citi (exclusive financial advisor) and Wachtell, Lipton, Rosen & Katz (legal).
STAAR also confirmed that it will release its Q2 FY2025 financial results on August 6, 2025, but will not hold an earnings call due to the pending acquisition.