Alcon and LENSAR, Inc. have mutually agreed to terminate their previously announced merger agreement. The decision comes after the U.S. Federal Trade Commission (FTC) indicated its intention to block the acquisition, citing concerns that ultimately made the prolonged regulatory review and associated costs unattractive for further pursuit.
The planned acquisition, initially valued at approximately $356 million, faced significant hurdles from the FTC. Alcon, a global leader in eye care, had aimed to enhance its femtosecond laser-assisted cataract surgery (FLACS) offerings with LENSAR’s Ally robotic cataract laser treatment system and related software. However, the regulatory review process, which commenced nearly a year prior to the termination, led to substantial delays and escalating costs.
David J. Endicott, CEO of Alcon, stated, “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… has rendered the transaction unattractive to pursue further in light of the Federal Trade Commission’s opposition.”
Following the termination, LENSAR will retain a $10 million deposit that was part of the merger agreement. Nick Curtis, President and CEO of LENSAR, expressed disappointment but reaffirmed the company’s commitment to its Ally robotic cataract laser system. “We remain committed to advancing the field of cataract surgery through the continued market growth of our ALLY Robotic Cataract Laser System™,” Curtis said. LENSAR plans to report its fourth quarter and full-year 2025 financial results and provide a strategic update on March 31, 2026.
Despite the termination of the LENSAR deal, Alcon reiterated its dedication to improving cataract surgery. The company emphasized its ongoing commitment to delivering technologies that enhance efficiency for surgeons and improve patient outcomes. This marks the second acquisition attempt by Alcon to falter in recent times, following a previous deal with intraocular lens maker Staar Surgical that was terminated due to shareholder concerns.
The termination of the merger agreement has had a notable impact on LENSAR’s stock, with reports indicating a significant decline following the announcement. Alcon, meanwhile, continues its operations as a global eye care provider with a broad portfolio of surgical and vision care products. Both companies are expected to focus on their independent strategies for innovation and market growth in the eye care sector.