Alcon has agreed to buy STAAR Surgical, the maker of the EVO Implantable Collamer Lens (ICL), in a $1.5 billion all-stock transaction that promises to broaden Alcon’s surgical vision-correction portfolio. Under the deal, STAAR shareholders will receive $28 per share, and Alcon gains a reversible, minimally invasive implant that corrects myopia (with or without astigmatism) without touching the cornea.

Why this matters:

• Myopia epidemic: Today roughly 500 million people are “high myopes,” and by 2050 half the world may need vision correction for nearsightedness. EVO ICL gives surgeons a powerful option for patients who aren’t ideal candidates for LASIK or surface ablation.

• Strategic fit: EVO ICL neatly complements Alcon’s existing laser vision-correction suite—and, thanks to higher margins, is expected to boost Alcon’s profitability from the second year after closing.

This acquisition is part of Alcon’s busy 2025 dealmaking streak. In March the Swiss-based company snapped up Lensar for its ALLY robotic cataract-laser system, and in July it moved to acquire LumiThera’s photobiomodulation therapy for early macular degeneration. By adding STAAR’s EVO ICL, Alcon positions itself to address every step of the myopia spectrum— from contact lenses through surgical implants.

For STAAR, the tie-up ends a rough patch: its Q1 sales plummeted 45% year-on-year to $42.6 million amid weak demand in China and shifting procurement rules. Earlier this summer, STAAR launched a $30 million share buyback to stabilize its stock. CEO Stephen Farrell called the Alcon deal “the best path forward” to preserve value for shareholders.

As global regulators tighten cross-border procurement in medical devices—most recently the EU’s move to block Chinese firms from public tenders over €5 million—the combined Alcon-STAAR entity may enjoy smoother market access and deeper R&D muscle. The transaction is expected to close within 6–12 months, subject to customary conditions.