The acquisition includes the Ally robotic cataract laser treatment system, Lensar’s proprietary Streamline software technology and the Lensar legacy laser system. These technologies help to build Alcon’s femtosecond laser-assisted cataract surgery (FLACS) offering.
Under the agreement, Alcon intends to purchase all outstanding shares of Lensar for $14 apiece in cash. That equals an aggregate implied value of approximately $356 million. The deal also features a non-tradeable contingent value right offering up to $2.75 per share in cash, conditioned on the achievement of 614,000 cumulative procedures with Lensar products between Jan. 1, 2026, and Dec. 31, 2027.
In total, the value of the deal could reach up to approximately $430 million. The companies expect the deal to close in mid-to-late 2025.
“We are excited for the opportunity to bring Lensar’s unique next-generation technologies and intellectual property into our innovative, market-leading equipment portfolio,” said David Endicott, Alcon CEO. “By leveraging our global footprint, we have the opportunity to deliver the benefits of advanced femtosecond laser technology to many more surgeons around the world and continue to improve efficiency in cataract surgery.”
BTIG analysts Ryan Zimmerman and Iseult McMahon called the deal “a win all around.”
The analysts cited growing adoption of Lensar’s Ally system and clinician feedback that’s “some of the best we’ve seen.” The deal preserves Alcon’s leadership position in cataract equipment, they said.
“The short answer is that this is a fantastic outcome for both [Lensar] and [Alcon],” Zimmerman and McMahon wrote. “[Lensar] has been winning competitive accounts in size and this is enough to warrant a response from larger companies such as [Alcon] and Johnson & Johnson as it could suggest growing adoption of FLACS from manual capsulorhexis.”
