SWITZERLAND- Alcon, a global leader in eye care, has entered into a definitive merger agreement to acquire US-based pharmaceutical company Aerie for US$753M.
The acquisition confirms Alcon’s dedication to the ophthalmic pharmaceutical industry and is anticipated to enhance the value of its diversified portfolio.
This will be achieved by enhancing Alcon’s current commercial competence with broader pharmaceutical R&D capabilities.
Alcon has offered US$15.25 per share, a premium of 37% to Aerie’s last closing price: Aerie had 49.36 million outstanding shares as of August 22.
Alcon will have access to Aerie’s Rocklatan and Rhopressa eye drops as well as a pipeline of other clinical and preclinical ocular pharmaceutical product candidates.
“Aerie is a natural fit with on-market and pipeline products, and R&D capabilities that offer the infrastructure needed to expand our ophthalmic pharmaceutical presence,” Alcon Chief Executive Officer David Endicott said in a statement.
He added that the company is passionate about innovative treatments in eye care, especially in core disorders such as glaucoma and dry eye, which have a significant patient impact.
We are excited to be joining Alcon, a recognized leader in eye care. I am so proud of the Aerie team and the innovation we’ve pioneered
Alcon bought Simbrinza® from Novartis in April 2021 for the sole purpose of commercialization in the United States and Eysuvis® and Inveltys® from Kala Pharmaceuticals, Inc. in May 2022.
It also purchased American eye surgery startup Ivantis in November of last year for an initial payment of US$475 million.
“We are excited to be joining Alcon, a recognized leader in eye care. I am so proud of the Aerie team and the innovation we’ve pioneered,” said Raj Kannan, Chief Executive Officer of Aerie Pharmaceuticals, Inc.
He noted that Alcon is the right strategic and financial partner to maximize the potential of Aerie’s commercial franchise and its growing portfolio of pipeline assets.
He further highlighted that Alcon’s global infrastructure, financial resources, and commercial capabilities will accelerate the standard of care by helping more patients have access to Aerie’s innovative products.
J.P. Morgan acted as Alcon’s financial advisor for the transaction, and Alcon’s legal advisor was Skadden, Arps, Slate, Meagher & Flom LLP.
Goldman Sachs & Co. LLC acted as Aerie’s financial advisor for the transaction, and Aerie’s legal advisor was Fried, Frank, Harris, Shriver & Jacobson LLP.
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