Alcon, a Novartis Company, Acquires PowerVision for $285 Million to Advance Next-Generation Fluid-Based Accommodating Intraocular Lens Technology

VCBeat (WeChat Official Account: vcbeat) has learned that on March 18, 2019, Alcon, a subsidiary of Novartis, completed the acquisition of PowerVision, a company under Fierce 15-backed RxSight, for $285 million. PowerVision specializes in providing innovative liquid intraocular lens implants for cataract patients. Reportedly, this acquisition process had been ongoing since 2016.

Alcon first acquired the option to purchase PowerVision in early 2016, stating that its technology had the potential to be a game-changer in the ophthalmic market, and signed a collaboration agreement with this Belmont, California-based company. In April of the same year, PowerVision had just completed a $40 million Series D financing round.

“As a leader in the cataract surgery industry, we are eager to accelerate the development of this potentially groundbreaking intraocular lens implantation technology,” said Michael Onuscheck, President of Global Business and Innovation. “By treating cataracts and restoring a natural, continuous range of vision, this intraocular lens could become the preferred choice for cataract surgery patients seeking visual restoration.”

PowerVision features a unique lens design that leverages the eye’s natural accommodative response to power an intraocular lens implanted within the capsular bag. While most intraocular lenses used to correct presbyopia employ multifocal designs that distribute light across different focal points, PowerVision’s innovation lies in its fluid-based design, which creates a continuously variable single-focus lens that fully utilizes the natural contraction of the eye’s muscles. This technology enables patients to actively focus on objects, mimicking the function of the natural crystalline lens in younger eyes, and provides a natural, continuous range of vision.

Barry Cheskin, President, Chief Executive Officer, and Co-Founder of PowerVision, stated, “We are delighted to officially join Alcon and participate in its pioneering history of driving new innovations in the field of ophthalmology. We look forward to bringing this innovative intraocular lens technology to eye care providers and patients in the coming years.”

The most commonly used intraocular lenses (IOLs) in cataract surgery are basic monofocal IOLs, while advanced IOLs, including those correcting presbyopia, are improving patient outcomes to meet the growing demand for spectacle independence. Alcon holds a leading position in the global IOL market and anticipates double-digit growth in this sector, primarily driven by new technologies.

In addition to Novartis, Johnson & Johnson acquired Abbott’s medical optics division for $4.3 billion in early 2017. It has also recently launched what it calls the next-generation monofocal intraocular lens (IOL), which provides patients with normal vision at intermediate and far distances. In the European market, the TECNIS Eyhance IOL can also help cataract patients perform more daily near-vision tasks, such as using computers or driving.

Alcon, established in 1947, is the world’s largest specialized company in ophthalmic pharmaceuticals and medical devices. It operates subsidiaries in 75 countries and regions worldwide, employing more than 15,000 people, with five R&D centers and 14 manufacturing facilities. Its products are sold in over 180 countries and regions. Alcon researches, develops, manufactures, and markets ophthalmic pharmaceuticals, surgical equipment and devices for eye surgery, contact lens care products, and other consumer eye care products designed to treat diseases and alleviate discomfort. With the exception of not engaging in the production and sale of eyeglasses and contact lenses themselves, Alcon covers all segments of the ophthalmic product industry.

PowerVision is a private company focused on developing novel adjustable intraocular lenses, aiming to restore vision for cataract patients. Their innovative FluidVision™ product accommodates the intraocular lens (IOL), helping individuals affected by presbyopia and/or cataracts regain the ability to dynamically adjust focus, thereby achieving clear vision at all distances.

(Compiled by Ning Chen)