RTTNews | Nov 8, 2021 01:35AM EST

01:34 Monday, November 8, 2021 (RTTNews.com) - Alcon (ALC), an American-Swiss medical company specializing in eye care products, said on Monday it will acquire Ivantis Inc., a developer and manufacturer of the novel Hydrus Microstent, a minimally-invasive glaucoma surgery or MIGS device, for an upfront consideration of $475 million.

"This transaction will allow us to add a uniquely effective product into our glaucoma portfolio around the world," said David Endicott, CEO of Alcon.

"Our global commercial footprint and development capabilities make us well positioned to build on the success of Ivantis and help even more patients see brilliantly with Hydrus Microstent," he added.

The transaction is expected to close in the first quarter of 2022. In addition to $475 million upfront payment, Alcon may be required to make additional contingent payments upon the achievement of certain regulatory and commercial milestones.

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