In March 2025, Alcon agreed to acquire Lensar at an implied value of approximately $356 million. Lensar develops the Ally robotic cataract laser treatment system, along with proprietary Streamline software technology and the Lensar legacy laser system. Alcon expected these technologies to help to build its femtosecond laser-assisted cataract surgery (FLACS) offering.
However, despite the expectation that the deal would close in mid-to-late 2025, it remained unfinished going on a year since the agreement was initially reached.
According to a news release, Lensar and Alcon understood that the U.S. FTC intended to block the planned acquisition. They decided that it was in the best interest of both companies to terminate the deal, as the acquisition could not close without necessary regulatory approvals ahead of an April 23, 2026, cut-off (or the July 23, 2026, extended cut-off). Lensar will retain the $10 million deposit agreed as part of the merger.
The decision comes days after analysts suggested the deal was in jeopardy after Lensar entered into a priority credit line agreement. They suggested the imminent need for cash meant Lensar was not close to becoming part of Alcon.
It marks the second attempted acquisition by Alcon to fail in quick succession after the Swiss medtech giant looked set to acquire intraocular lens maker Staar Surgical. However, after shareholders pushed back, Staar terminated the deal in January.
Commentary from Lensar and Alcon officials
Nick Curtis, president and CEO of Lensar, said:
“While we are disappointed with this outcome and the FTC’s intention to challenge the proposed transaction, we remain committed to advancing the field of cataract surgery through the continued market growth of our Ally robotic cataract laser system. Since its commercial introduction in 2022, we believe it has become clearer every day Ally is the future of refractive cataract surgery. With Ally, we were able to significantly extend our technology leadership position, established on the strength of our previous-generation LLS platform. We have expanded our footprint and Lensar’s influence in the space, which supported market share gains and significant procedure growth. Our team is committed to realizing the full potential of our innovation and capturing the significant untapped opportunity that exists in the market we serve. We are focused on continuing to drive the expansion of Ally’s global installed base and procedure volumes, and creating long-term value for patients, our surgeon partners and shareholders. We will share more detail on our strategy when we release our financial results on March 31, 2026.”
David Endicott, CEO of Alcon, said:
“Alcon continues to believe that the acquisition of LENSAR would have significantly enhanced FLACS innovation and competition to the benefit of surgeons and patients. However, the delay and associated costs of this extended regulatory review, which began nearly a year ago, has rendered the transaction unattractive to pursue further in light of the Federal Trade Commission’s opposition. Alcon remains committed to advancing cataract surgery by delivering technologies that improve efficiency for surgeons and outcomes for patients,” said David J. Endicott, Chief Executive Officer of Alcon.
