Alcon has acquired US-based medical device development company PowerVision in a $285m deal.
PowerVision focuses on creating fluid-based intraocular lens implants. Under the agreement, Alcon will make payments for specified regulatory and commercial milestones that are achieved from 2023.
The acquisition demonstrates Alcon’s proposal to drive growth and innovation in advanced technology intraocular lenses (AT-IOLS) to address the needs of cataract surgery patients worldwide.
Alcon Global Business and Innovation president Michael Onuscheck said: “As the industry leader in cataract surgery, we’re eager to accelerate development of this potentially breakthrough accommodating lens technology.
“By treating cataracts and restoring natural, continuous range of vision, this intraocular lens may be the preferred IOL for cataract surgery patients who desire spectacle independence.”
PowerVision president and CEO and co-founder Barry Cheskin said: “We’re thrilled to officially join Alcon and its pioneering history of launching new innovation in the field of ophthalmology.
“We look forward to bringing this innovative IOL technology to eyecare providers and customers in the years ahead.”
Cataracts is one of the most common age-related eye conditions and the leading cause of preventable blindness in adults aged 55 and older in the US. It can be hereditary and congenital.
In December last year, Alcon acquired Tear Film Innovations, which focusses on developing medical products to treat various eye disorders.