Alcon Acquires IOL Lens Development Company PowerVision Inc.

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FORT WORTH, Texas—Alcon, a global leader in eyecare, said Monday it has acquired PowerVision Inc., a privately-held, U.S.-based medical device development company focused on creating fluid-based intraocular lens implants. Alcon said the acquisition furthers its commitment to drive growth and innovation in advanced technology intraocular lenses (AT-IOLS) to meet the needs of cataract surgery patients who desire spectacle independence. “As the industry leader in cataract surgery, we’re eager to accelerate development of this potentially breakthrough accommodating lens technology,” said Alcon’s Michael Onuscheck, president of global business and innovation.

“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.”

Commercial availability of PowerVision’s IOL technology will be determined following significant additional development and clinical trials of the intraocular lens, the announcement noted.

Under the terms of the agreement, Alcon paid $285 million to PowerVision at closing, with additional payments based on specified regulatory and commercial milestones starting in 2023. Novartis, the corporate parent of Alcon, expects to spin off the eyecare business to shareholders in the first half of this year, as VMAIL reported.

PowerVision’s unique lens design utilizes the eye's natural accommodating response to transport fluid in the intraocular lens which is implanted in the eye's capsular bag, according to the Alcon announcement. While most presbyopia-correcting intraocular lenses use a multifocal design that distributes light between different focal points, PowerVision’s groundbreaking fluid-based design creates a continuously variable monofocal lens, utilizing the natural contraction of the eye’s muscles. This technology allows the patient to actively focus on objects, just as the natural crystalline lens does in a youthful eye.

While basic, monofocal IOLs are most commonly used for cataract surgery, AT-IOLs, including those that correct presbyopia, are improving patient outcomes and fulfilling desire among patients for spectacle independence, the announcement noted. Alcon also said it leads the industry in global IOL share and estimates double-digit growth in AT-IOLs, largely driven by new innovations.