Alcon has begun a deal to acquire STAAR Surgical, the manufacturer of the Implantable Collamer Lens (ICL). The acquisition includes the EVO family of lenses (EVO ICL) for vision correction for patients with moderate to high myopia, with or without astigmatism.

STAAR’s EVO ICLs are implantable lenses that address a range of vision correction needs though a reversible, minimally invasive procedure. The ICLs are implanted between the iris and natura crystalline lens in a surgery that doesn’t remove corneal tissue.

Stephen Farrell, CEO of STAAR said the company believes the transaction with Alcon is the best path forward and provides the greatest value for shareholders.

“As we’ve shared, fluctuating demand in China over the past two years has continued to create significant headwinds for STAAR as a standalone company,” Farrell told the press. “I’m proud of our team’s efforts to address recent challenges, but there is more work to do. 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.”

STAAR is headquartered in Lake Forest, Calif. and has sold over three million ICLs in more than 75 countries. The company also operates research, development, manufacturing, and packaging facilities in California and Switzerland.

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Alcon will purchase all outstanding STAAR common stock shares for $28 per share in cash. This represents a total equity value of about $1.5 billion. Alcon plans to finance the deal through issuance of short- and long-term credit facilities.

Both companies’ boards of directors have each unanimously approved the transaction, which is expected to close in about six to 12 months. Alcon said the transaction’s expected to be accretive to earnings in years two.

“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 David Endicott, CEO of Alcon. “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.”

Earlier this year, the company began an agreement to acquire Lensar, a maker of advanced systems for cataract treatment and management of astigmatism.