Alcon Inc. announced on January 6, 2026 that it is terminating the definitive merger agreement it had entered into with STAAR Surgical Company on August 5, 2025. The original deal, valued at approximately $1.5 billion, was later amended to a total equity value of about $1.6 billion, or $30.75 per STAAR share.
The termination followed a shareholder vote held on January 5, 2026 in which STAAR shareholders rejected the acquisition. Alcon cited a review of strategic fit and financial terms, noting that the price offered did not align with its disciplined view on risk and value. The parties agreed to part ways without a termination fee, allowing both companies to move forward independently.
Alcon’s CEO, David J. Endicott, emphasized that the company’s refractive strategy remains unchanged. “We remain focused on our wavelight plus LASIK platform and on launching more than ten major products across our surgical and vision‑care franchises this year,” he said. The decision to walk away from the STAAR deal signals a continued commitment to organic growth and internal innovation.
STAAR’s CEO, Stephen Farrell, noted that the company will continue to pursue profitable sales growth and expand the global adoption of its EVO Visian implantable collamer lens technology. “We are committed to driving growth as a stand‑alone company,” he said, underscoring the firm’s confidence in its core product line.
Alcon’s recent financial performance provides context for the decision. In the third quarter of 2025, the company reported revenue of $2.6 billion, up 6% year‑over‑year, and a core diluted EPS of $0.79, beating consensus estimates. The fourth quarter of 2024 saw revenue of $2.48 billion, up 6.2% year‑over‑year, with an EPS of $0.72. These results demonstrate a healthy operating base that supports continued investment in its own product pipeline.
With the STAAR deal off the table, Alcon will allocate resources to its internal development programs, including the upcoming launch of its wavelight plus LASIK system and other surgical innovations. The company’s focus on expanding its own surgical platform is expected to sustain its market share in refractive surgery without the need for external acquisitions.
The termination of the merger agreement marks a strategic pivot for both companies. Alcon will deepen its commitment to organic growth, while STAAR will pursue independent expansion of its EVO ICL technology. The move reflects a broader trend of shareholder activism influencing M&A outcomes and underscores the importance of aligning acquisition terms with shareholder expectations.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.