Alcon-Lensar merger collapses as FTC signals opposition to USD356 million deal

USA—Lensar has announced the termination of its planned acquisition by Alcon, citing unresolved regulatory concerns as the primary reason for ending the deal.

The termination follows scrutiny from the US Federal Trade Commission (FTC), which indicated it would oppose the transaction on antitrust grounds.

In March 2025, Alcon agreed to acquire Lensar for an implied value of approximately USD 356 million.

The deal aimed to combine Lensar’s innovative cataract-surgery technologies with Alcon’s existing portfolio, potentially creating a dominant force in the femtosecond-laser-assisted cataract-surgery market.

Lensar’s advanced technology portfolio

Lensar specializes in developing advanced cataract surgery solutions, including the Ally robotic cataract laser treatment system.

The company also offers Streamline software technology and the Lensar legacy laser system, which have established its reputation in precision eye care.

These technologies were expected to strengthen Alcon’s femtosecond laser-assisted cataract surgery (FLACS) portfolio significantly.

The acquisition would have given Alcon access to cutting-edge robotic systems that represent the next generation of cataract treatment capabilities.

Timeline and regulatory challenges

Despite initial expectations for a mid-to-late 2025 closing, the deal remained pending nearly one year after the companies signed the agreement.

The extended timeline reflected ongoing discussions with regulatory authorities and mounting concerns about competitive impacts in the cataract surgery device market.

Both companies recognized the FTC’s intention to block the acquisition and decided it was in their best interests to terminate the merger.

The parties acknowledged they could not complete the transaction without the required regulatory approvals before the April 23, 2026, cut-off date or the extended July 23, 2026, deadline.

Financial terms and moving forward

Under the original agreement, Lensar will retain a USD 10 million deposit from Alcon.

This payment provides some compensation for the company’s time and resources invested in pursuing the merger over the past year.

Nick Curtis, President and CEO of Lensar, expressed disappointment with the outcome and the FTC’s intention to challenge the proposed transaction.

However, he emphasized the company’s continued commitment to advancing cataract surgery through the market growth of the Ally robotic cataract laser system.

Company’s strategic focus

Curtis highlighted that since its commercial introduction in 2022, the Ally system has demonstrated its potential as the future of refractive cataract surgery.

The technology has allowed Lensar to significantly extend its leadership position, building on the strength of its previous-generation LLS platform.

He noted that the company has expanded its footprint and influence in the cataract surgery space, supporting market share gains and significant procedure growth.

Lensar now continues as an independent company, focusing on advancing its robotic laser technology and expanding its presence in the competitive eye care market.