Alcon Inc. has increased its cash offer for STAAR Surgical Company to $30.75 per share, a $2.75 premium over the original $28.00 bid. The revised proposal values STAAR at approximately $1.6 billion, representing a 74% premium to the 90‑day volume‑weighted average price and a 66% premium to the August 4, 2025 closing price. The amendment, effective December 10, 2025, follows a go‑shop period that closed on December 6 with no competing bids and sets a shareholder vote for December 19, 2025. The transaction is expected to close in early 2026, subject to regulatory and shareholder approvals.
Alcon’s rationale for the higher offer centers on the growing global demand for myopia correction and the strategic fit of STAAR’s EVO Implantable Collamer Lens (ICL) technology with Alcon’s existing laser vision‑correction portfolio. By acquiring STAAR, Alcon gains a proven, high‑margin product line that complements its surgical offerings and positions the company to capture a larger share of the expanding refractive‑surgery market. The premium reflects Alcon’s assessment that STAAR’s scale and distribution network are insufficient to sustain long‑term growth as a standalone entity.
STAAR’s recent financials illustrate the challenges that prompted Alcon’s interest. Net sales rose 6.9% to $94.7 million in Q3 2025, but the company posted a net loss of $8.9 million, a turnaround from a $16.8 million loss in Q2 and a $54.2 million loss in Q1. Gross margin contracted from 78.9% in Q1 2024 to 65.8% in Q1 2025, largely due to intentional reductions in U.S. production volumes and a shift toward manufacturing in Switzerland. The company’s inventory strategy in China, aimed at reducing channel stock, also contributed to the sales decline in the first half of the year. These dynamics underscore the value of Alcon’s scale and distribution capabilities in stabilizing STAAR’s revenue and profitability.
Alcon CEO David Endicott emphasized that the amended deal “provides tremendous value to STAAR shareholders” and offers a “clear choice” between a substantial, certain premium and an uncertain future tied to activist opposition. Broadwood Partners, a significant shareholder, continues to oppose the transaction, arguing that STAAR is undervalued and criticizing the sale process. The shareholder vote scheduled for December 19 will determine whether the deal proceeds, but the absence of competing bids and the increased premium have bolstered confidence among many investors.
The market reacted positively to the announcement, with analysts noting that the higher premium and the lack of alternative offers signal a strong strategic fit and a favorable exit valuation for STAAR shareholders. The positive sentiment reflects confidence that Alcon’s resources will address STAAR’s recent financial headwinds and accelerate growth in the myopia‑correction segment.
Alcon’s acquisition of STAAR is expected to create synergies through cross‑selling of surgical products, expanded geographic reach, and shared R&D capabilities. The deal positions Alcon to capture a larger share of the refractive‑surgery market, potentially driving long‑term revenue growth and margin expansion as the combined entity leverages economies of scale and a broader product portfolio.
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