Alcon is expanding its refractive surgery portfolio through a $1.5 billion (AU$2.3 b) acquisition of EVO implantable collamer lens (ICL) manufacturer STAAR Surgical Company.
On 8 August 2025, the companies announced a definitive merger agreement through which Alcon intends to acquire STAAR. The acquisition includes the EVO family of lenses (EVO ICL) for vision correction for patients with moderate to high myopia, with or without astigmatism.
Under the terms of the agreement, Alcon will purchase all outstanding shares of STAAR common stock for $28 per share in cash, with an equity value of approximately $1.5 billion (AU$2.3 b).
“With the number of high myopes rising globally, the acquisition of STAAR enhances our ability to offer a leading surgical vision correction solution for those who are not ideal candidates for other refractive surgeries such as LASIK,” said Mr David Endicott, CEO of Alcon.
“This transaction will allow us to provide treatment options across the full spectrum of myopia – from contact lenses to surgical interventions – reinforcing our commitment to addressing the most significant needs in eyecare.”
The EVO family of ICLs are implantable lenses delivered via a minimally invasive procedure that’s also reversible, according to a statement. They are implanted between the iris and the natural crystalline lens during a procedure that does not remove corneal tissue.
“We believe the transaction with Alcon represents the best path forward and provides the greatest value for STAAR shareholders,” said Mr Stephen Farrell, CEO of STAAR.
“As we’ve shared, fluctuating demand in China over the past two years has continued to create significant headwinds for STAAR as a standalone company. I’m proud of our team’s efforts to address recent challenges, but there is more work to do.
“As a significantly larger company, Alcon has the capabilities and scale to accelerate EVO ICL adoption and bring our innovative technology to more surgeons and patients worldwide.”
Dr Elizabeth Yeu, chair of the STAAR board, said this “carefully negotiated transaction” was in the best interest of STAAR shareholders, delivering immediate and certain value at a significant premium.
“Value that exceeds what we believe could be achieved under STAAR’s standalone strategy,” she added.
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, subject to customary closing conditions, including regulatory approval and approval by STAAR’s shareholders. The transaction is expected to be accretive to earnings in year two.
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