BRUSSELS (dpa-AFX) - Alcon (ALC), engaged in eye care business and STAAR Surgical Company (STAA), a manufacturer of implantable phakic intraocular lenses on Tuesday announced the companies have entered into a definitive merger agreement through which Alcon intends to acquire STAAR.
Accordingly, Alcon would purchase all outstanding shares of STAAR common stock for $28 per share in cash, valuing STAAR at approximately $1.5 billion in equity value. The price represents approximately a 59-percent premium to STAAR's 90-day Volume Weighted Average Price and a 51-percent premium to the closing price of STAAR common stock on August 4.
The acquisition includes the EVO family of lenses for vision correction for patients with moderate to high myopia, with or without astigmatism.
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.
Acquisition of STAAR is complementary to Alcon's laser vision correction business and is expected to be accretive to earnings in year two.
The Boards of Directors of Alcon and STAAR have each unanimously approved the transaction.
Morgan Stanley & Co. LLC is serving as financial advisor to Alcon, and Gibson, Dunn & Crutcher LLP is serving as legal advisor to Alcon. Citi is serving as the exclusive financial advisor to STAAR, and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to STAAR.
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