Alcon to Acquire STAAR Surgical in $1.5 Billion Deal to Expand Refractive Surgery Portfolio
In a significant move to enhance its surgical vision correction offerings, Alcon a global leader in eye care, has announced its intention to acquire STAAR Surgical Company a prominent manufacturer of Implantable Collamer® Lenses (ICLs). The two companies have entered into a definitive merger agreement under which Alcon will acquire all outstanding shares of STAAR common stock for $28 per share in cash.
This acquisition marks a strategic expansion for Alcon into the fast-growing refractive surgery space, especially in light of increasing global demand for alternatives to traditional laser eye surgery. STAAR’s flagship EVO ICL™ family of lenses offers a minimally invasive, reversible solution for vision correction, particularly for patients with moderate to high levels of myopia (nearsightedness), with or without astigmatism.
Financial Terms and Premium Valuation
The deal values STAAR Surgical at approximately $1.5 billion in total equity. The purchase price of $28 per share represents a 51% premium over STAAR’s closing share price on August 4, 2025, and a 59% premium to its 90-day volume weighted average price (VWAP). The transaction has been unanimously approved by both companies’ Boards of Directors.
Alcon intends to fund the transaction through a mix of short- and long-term credit facilities. The transaction is not contingent on financing and is expected to close within six to twelve months, subject to customary regulatory approvals and the approval of STAAR shareholders.
Strategic Rationale: Expanding the Vision Correction Continuum
Alcon CEO David Endicott emphasized that the acquisition fits into the company’s broader mission to serve patients across the entire spectrum of eye care needs—from daily vision correction products to advanced surgical solutions.
“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 Endicott. “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 eye care.”
The rising prevalence of myopia is a key driver behind Alcon’s interest in STAAR. According to global estimates, nearly 50% of the world’s population could be myopic by 2050. Of this group, around 500 million people are considered high myopes—individuals with more severe vision impairment who may not be good candidates for laser-based procedures.
A Closer Look at EVO ICL Technology
STAAR’s EVO ICL product line is known for its innovative design and functionality. Unlike traditional laser vision correction procedures such as LASIK, which involve reshaping the cornea and removing tissue, EVO ICLs are implanted between the iris and the natural lens of the eye without removing any corneal tissue. This makes the procedure minimally invasive and fully reversible—features that are increasingly appealing to both patients and ophthalmic surgeons.
The lenses address a wide range of refractive errors, including myopia and astigmatism, and are particularly beneficial for individuals with thin corneas or dry eyes—conditions that often disqualify patients from undergoing LASIK.
By acquiring STAAR, Alcon gains direct access to the EVO family of products and the opportunity to broaden the global reach of this technology. The move also allows Alcon to diversify its surgical portfolio and tap into a segment of the vision correction market that continues to see high growth potential.
STAAR’s Challenges and Strategic Fit with Alcon
STAAR Surgical has faced challenges in recent years, particularly in its key growth market of China. According to STAAR CEO Stephen Farrell, “fluctuating demand in China over the past two years has continued to create significant headwinds for STAAR as a standalone company.” Farrell acknowledged that while the company has worked hard to navigate these challenges, STAAR lacks the global scale and resources necessary to fully capitalize on the growing demand for its products.
“We believe the transaction with Alcon represents the best path forward and provides the greatest value for STAAR shareholders,” said Farrell. “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 STAAR’s Board of Directors, echoed this sentiment, noting that the board undertook a careful evaluation of strategic alternatives before concluding that Alcon’s offer was in the best interest of shareholders.
“The STAAR Board is committed to maximizing value for shareholders,” said Dr. Yeu. “We have determined that this carefully negotiated transaction is in the best interest of STAAR shareholders as it delivers immediate and certain value at a significant premium—value that exceeds what we believe could be achieved under STAAR’s standalone strategy.”
Market Opportunity and Long-Term Synergies
Alcon’s acquisition of STAAR reflects a broader industry trend of consolidation as companies seek to bolster their capabilities across the eye care continuum. The addition of STAAR’s technology positions Alcon to better serve a global population that increasingly seeks non-laser, implant-based options for long-term vision correction.
As healthcare systems in both developed and emerging markets continue to prioritize personalized and minimally invasive solutions, the EVO ICL platform could see increased adoption. With Alcon’s global infrastructure, commercial reach, and surgical distribution networks, the company is well-positioned to scale STAAR’s technology to new geographies and demographics.
In addition to expanding product offerings, the acquisition is expected to be accretive to Alcon’s earnings by the second year following close. The company did not provide specific revenue synergies but indicated that cost efficiencies and increased global penetration of EVO ICLs are anticipated as part of the integration strategy.
Deal Advisors and Timeline
Alcon has retained Morgan Stanley & Co. LLC as its financial advisor, while legal counsel is being provided by Gibson, Dunn & Crutcher LLP. On STAAR’s side, Citi is acting as exclusive financial advisor, with Wachtell, Lipton, Rosen & Katz serving as legal advisor.
STAAR has confirmed that it will release its financial results for the second quarter ended June 27, 2025, on August 6, 2025, after market close. However, due to the pending acquisition, the company will not host a conference call to discuss the results.
