Alcon announced it has entered an amended merger agreement to acquire STAAR Surgical, a company focused on phakic IOLs with its EVO family of Implantable Collamer Lenses (EVO ICL) for vision correction.

Last month, by mutual agreement with Alcon, the STAAR board began an unencumbered “go-shop” process where Alcon waived its matching rights and any breakup fee if a better proposal materialized. No such offer arose and the “go-shop” window expired on December 6.

Over the period, Alcon made its case for the superior value of the merger to STAAR stockholders. The company emphasized that STAAR doesn’t have the scale or resources to be a profitable, high-growth standalone company and that Alcon is best suited to maximize the value of its product, reflected in the generous premium offered.

Alcon also warned against the alternative for STAAR stockholders of a silent takeover by activist investors, because of no premium and a “hightly uncertain future.” The deal, which was first announced in August, was initially valued at about $1.5 billion.

Terms of the new Alcon-STAAR merger agreement

Alcon will purchase all outstanding STAAR shares for $30.75 per share in cash—the purchase price increase represents a further $150 million in equity value.

The transaction now has a total equity value of about $1.6 billion, a 74% premium to STAAR’s 90-day Volume Weighted Average Price (VWAP) and a 66% premium to the closing price of STAAR common stock on August 4, 2025. Alcon said it plans to finance the transaction through issuance of short- and long-term credit facilities.

“The amended transaction provides tremendous value to STAAR stockholders, while providing an exciting opportunity for Alcon to broaden the access to STAAR’s leading technology to benefit patients around the world,” said David Endicott, CEO of Alcon. “This best and final offer to the STAAR stockholders offers a clear choice: a substantial and certain premium versus an uncertain future tied to a dissident activist with a dubious track record.”

Both Alcon and STAAR’s boards approved the merger agreement, and STAAR’s board recommended that the company’s stockholders approve the deal.

Alcon expects the transaction to be accretive to earnings in year two, with the deal anticipated to close in early 2026.