Novartis division Alcon acquires Power Vision
Under the terms of the agreement, Alcon, a Novartis division paid USD 285 million to PowerVision at closing with additional payments based on specified regulatory and commercial milestones starting in 2023. Alcon is maintaining its 2023 financial outlook provided at the Capital Markets Days in the fourth quarter of 2018.
Fort Worth: Alcon, eye care division of Novartis, announced recently that it has acquired PowerVision, Inc., a privately-held, US-based medical device development company focused on creating fluid-based intraocular lens implants.
The acquisition furthers Alcon's commitment to bring this innovative, accommodating lens to cataract patients throughout the world.
Commercial availability of PowerVision's IOL technology will be determined following significant additional development and clinical trials of the intraocular lens.
"As the industry leader in cataract surgery, we're eager to accelerate development of this potentially breakthrough accommodating lens technology," said 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," he added.
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. 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, providing patients with a natural, continuous range of vision.
"We're thrilled to officially join Alcon and its pioneering history of launching new innovation in the field of ophthalmology," said Barry Cheskin, President and CEO and Co-Founder of PowerVision.
"We look forward to bringing this innovative IOL technology to eye care providers and customers in the years ahead," he added.
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. Alcon leads the industry in global IOL share and estimates double-digit growth in AT-IOLs, largely driven by new innovations.
Under the terms of the agreement, Alcon paid USD 285 million to PowerVision at closing with additional payments based on specified regulatory and commercial milestones starting in 2023. Alcon is maintaining its 2023 financial outlook provided at the Capital Markets Days in the fourth quarter of 2018.
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