Alcon Inc. (ALC) entered a merger agreement on March 24, 2025, to acquire LENSAR, Inc. (LNSR) in a deal valued at about $430 million.
Under the terms of the agreement, Alcon will purchase all outstanding shares of LENSAR for $14 per share in cash, with 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.
The cash consideration of $14 per share, represents a discount of 5.53% from the stock’s last close.
LENSAR is a medical device company specializing in advanced laser systems for cataract treatment and astigmatism management. Its ALLY Robotic Cataract Laser System integrates AI-driven imaging and software to enhance surgical precision and efficiency.
Alcon is a global eye care company specializing in surgical and vision care products, including cataract and refractive surgery technologies, intraocular lenses, and contact lenses. With a presence in over 140 countries, Alcon develops innovative solutions to enhance vision and improve lives.
The acquisition includes the ALLY Robotic Cataract Laser System, LENSAR’s Streamline software, and its legacy laser system, strengthening Alcon’s femtosecond laser-assisted cataract surgery (FLACS) technology.
Femtosecond laser-assisted cataract surgery (FLACS) is an advanced technique for removing cataracts using a femtosecond laser instead of traditional surgical tools. The laser makes precise incisions in the eye, softens the cloudy lens (cataract), and helps break it apart for easier removal. This method improves accuracy, reduces complications, and can enhance visual outcomes compared to manual cataract surgery.
The deal is expected to close in mid-to-late 2025.
LENSAR was advised by Wells Fargo on financial matters and Latham & Watkins on legal aspects. Alcon received financial guidance from Lazard and legal counsel from Norton Rose Fulbright.
Alcon is buying LENSAR at 3.07 times its sales.
For an in-depth analysis of this merger and acquisition transactions, visit the Deal Metrics page here:
Deal Metrics for the acquisition of LENSAR, Inc. (LNSR) by Alcon Inc. (ALC)
The Deal Metrics page provides a comprehensive insight into the merger, including:
– A spread history chart of the merger from announcement to completion or failure.
– Key events as the merger progresses through the expiration of the HSR period, regulatory approvals, shareholder votes, etc.
– Relevant news and SEC filings.
– A history of deal updates.
– And much more.
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Editor’s Note: Baranjot Kaur contributed to this article