Alcon (NYSE:ALC) announced today that it intends to acquire glaucoma surgery device maker Ivantis for $475 million upfront.
Geneva, Switzerland-based Alcon aims to bolster its portfolio across cataract, refractive, retina and glaucoma offerings with the acquisition of Ivantis and its novel Hydrus Microstent for minimally invasive glaucoma surgery (MIGS).
Ivantis designed the Hydrus Microstent to lower intraocular pressure for open-angle glaucoma patients in connection with cataract surgery. A five-year study demonstrated that 65% of Hydrus Microstent patients remained medication-free at five years post-implant with a more than 60% reduction in risk of invasive secondary glaucoma surgeries compared to cataract surgery alone, according to a news release.
The FDA approved the Hydrus Microstent in August 2018 for use in conjunction with cataract surgery in the U.S., while it is indicated for primary open-angle glaucoma in conjunction with cataract surgery or as a standalone procedure in the UK, Canada, Australia, Singapore and Germany.
“With more than 85,000 Hydrus devices implanted, now is the time to expand access globally, and Alcon is the right partner as the global leader in eye care,” Ivanits President & CEO Dave Van Meter said in the release. “We started this with a mission to bring unprecedented scientific rigor to the MIGS space, and we are gratified and humbled by the rapid adoption of Hydrus since our launch in late 2018. Thanks to the relentless, unwavering commitment of Ivantis employees and our investors, we now have the opportunity to bring the clinically proven Hydrus technology to more glaucoma patients worldwide.”
Alcon will pay the $475 million upfront and may be required to make additional contingent payments upon the achievement of certain regulatory and commercial milestones. The company expects to close the transaction in the first quarter of 2022.
“Glaucoma is the second-largest cause of blindness after cataracts, impacting more than 75 million people globally, with significant unmet patient need. This transaction will allow us to add a uniquely effective product into our glaucoma portfolio around the world,” Alcon CEO David Endicott said. “Our global commercial footprint and development capabilities make us well-positioned to build on the success of Ivantis and help even more patients see brilliantly with Hydrus Microstent.”