Alcon to acquire LumiThera and its dry AMD light therapy device

GENEVA - Alcon (SIX/NYSE:ALC), a prominent $43.6 billion healthcare equipment player with robust financials and a "GOOD" overall health score according to InvestingPro, announced Monday its intention to acquire LumiThera, Inc. and its photobiomodulation (PBM) device for treating early and intermediate dry age-related macular degeneration (AMD).

The PBM device, which received FDA de novo market authorization in November 2024 and CE Mark in November 2018, is currently the only technology that has demonstrated meaningful vision improvement for early and intermediate dry AMD patients with two years of treatments, according to a company press release.

Dry AMD affects nearly 200 million people globally and is a leading cause of blindness in developed nations. The disease progressively damages the macula, affecting central vision and making daily activities like reading and driving difficult. For Alcon, which generated nearly $10 billion in revenue over the last twelve months and maintains strong liquidity with current assets exceeding short-term obligations, this acquisition represents a significant market opportunity.

The non-invasive PBM treatment uses three specific wavelengths of light to stimulate mitochondrial energy production in retinal cells. Clinical trials showed that patients receiving PBM treatments gained on average one line of visual acuity from baseline at months 13, 21, and maintained improvement at month 24. About 88% of patients maintained or gained vision versus baseline at month 24.

"Dry AMD is an area of significant unmet need, and PBM is an efficacious, non-invasive light therapy that can provide visual improvement for patients with early and intermediate disease," said Sean Clark, Vice President and General Manager, Global Surgical Franchise at Alcon.

The acquisition does not include LumiThera’s diagnostic devices, which will be separated and spun off to LumiThera’s shareholders prior to the acquisition. Subject to customary closing conditions and a LumiThera shareholder vote, the companies expect to complete the transaction in the third quarter of 2025.

The PBM device is currently available in Europe, Latin America, Singapore, the United Kingdom, and the United States.

In other recent news, NovaAlgoma Cement Carriers Limited has entered into a definitive agreement with P&O Maritime Logistics, a subsidiary of DP World, to sell a 51% controlling stake in its cement assets. NovaAlgoma will retain a 49% minority interest in these assets, which serve infrastructure markets across various regions, including North America and Europe. The transaction is expected to close in the coming months, pending regulatory approvals, and aims to expand the geographic reach of the fleet. Meanwhile, Stifel has reiterated its Buy rating on Alcon Inc., expressing a positive outlook despite mixed expectations for its intraocular lens business. Stifel projects potential stabilization in Alcon’s U.S. IOL market by 2025, driven by the PanOptix Pro product line. Additionally, Alcon has received approval in Canada for its Clareon PanOptix Pro intraocular lens, featuring technology that significantly reduces light scatter for cataract patients. BofA Securities has adjusted its price target for Alcon stock following a challenging first quarter, lowering it to CHF89 from CHF96 but maintaining a Buy rating due to Alcon’s structural growth potential. The analysts highlighted Alcon’s product cycle momentum as a key factor for investor interest.

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