Benzinga | Nov 8, 2021 06:11AM EST

Alcon Strengthens Surgical Glaucoma Portfolio With $475M Ivantis Deal

* Alcon AG (NYSE:ALC) has agreed to acquire Ivantis Inc for $475 million.

* Alcon may be required to make additional contingent payments upon the achievement of certain regulatory and commercial milestones.

* Ivantis is a developer and manufacturer of Hydrus Microstent, a minimally-invasive glaucoma surgery (MIGS) device designed to lower intraocular pressure for open-angle glaucoma patients in connection with cataracts surgery.

* The FDA approved Hydrus Microstent in August 2018 for use with cataract surgery.

* In the U.K., Canada, Australia, Singapore, and Germany, the MIGS device is indicated for primary open-angle glaucoma in conjunction with cataract surgery or a stand-alone procedure.

* The transaction will close in Q1 of 2022.

* Price Action: ALC shares closed at $85.61 on Friday.