STAAR Surgical, developer of phakic intraoperative lenses (IOLs) with its EVO family of implantable Collamer lenses (EVO ICL) lenses for vision correction, has provided an update about its merger deal with Alcon.

The company revealed that based on preliminary estimates by its proxy solicitor, STAAR didn’t receive the necessary stockholder votes to approve the merger agreement with Alcon at the Special Meeting of Stockholders held today. As such, STAAR said it plans to terminate its merger agreement with Alcon.

No termination fee will be payable by either party and STAAR will stay a standalone, publicly traded company. It will continue to trade on Nasdaq under the ticker symbol “STAA.”

“The Board approved the Alcon agreement because we determined that it was in the best interests of STAAR stockholders,” said STAAR CEO Stephen Farrell. “We respect the outcome of the vote and look forward to working collaboratively with shareholders to ensure the best possible outcome for STAAR as a stand-alone company.”

Alcon announced it entered an amended merger agreement with STAAR last month. The terms raised STAAR’s purchase price to $30.75 per share, representing total equity value of about $1.6 billion.

The deal was first announced in August with a purchase price of $28 per share, representing a total equity value of about $1.5 billion.

“We remain committed to maximizing stockholder value and realizing the full potential of STAAR’s innovative technology,” continued Farrell. “STAAR has a dedicated and loyal team that will compete successfully, and our EVO ICL technology is best in class. In the short term, we will continue to prioritize profitable sales growth while we drive efficiencies through our distribution network. Our EVO ICL technology should be used more extensively worldwide, and it is our mission to achieve that objective.”