Alcon has begun an agreement to acquire Lensar, a maker of advanced systems for cataract treatment and management of astigmatism.

The acquisition includes Lensar’s Ally robotic cataract laser treatment system, Streamline software technology, and Lensar legacy laser system. These technologies build on Alcon’s femtosecond laser-assisted cataract surgery (FLACS) offering.

Alcon will purchase all outstanding Lensar shares for $14 per share in cash, representing an aggregate implied value of about $356 million. There’s an additional non-tradeable contingent value right offering up to $2.75 per share in cash, dependent on achievement of 614,000 cumulative procedures with Lensar’s products between January 1, 2026 and December 31, 2027.

The transaction reflects a total consideration of up to about $430 million.

FLACS lets surgeons use a computer-guided laser to address and manage the high prevalence of visually significant astigmatism. It can perform corneal incisions, capsulotomy (including a refractive capsulotomy), and lens fragmentation—removing the need for blade incisions.

“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, CEO of Alcon. “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.”

The deal is expected to close in mid-to-late 2025, pending customary closing conditions, regulatory approval, and approval by Lensar’s stockholders.

“Our focus has been on providing surgeons with breakthrough laser technology in cataract surgery for today and tomorrow,” said Nick Curtis, CEO of Lensar. “Thanks to the continued passion and commitment of Lensar associates, customers and our investors, we are excited about the potential Alcon has to advance the industry in next-generation laser technology for refractive cataract surgery, furthering our and their mission to meet the needs of both surgeons and their cataract patients.”

Last month, Alcon aunched its Voyager DSLT (Direct Selective Laser Trabeculoplasty device), the first and only device of its kind, in the U.S.