Arnold & Porter Advises Alcon in $285 Million Acquisition of PowerVision
Arnold & Porter represented Alcon Laboratories, Inc. (Alcon), the global leader in eye care and a division of longtime client Novartis, in its $285 million acquisition of PowerVision Inc. (PowerVision), a medical device development company focused on creating fluid-based intraocular lens implants.
The transaction includes $285 million paid to PowerVision at closing with additional payments based on specified regulatory and commercial milestones starting in 2023. The transaction is the exercise of an M&A Option that Arnold & Porter advised on in 2016.
Alcon's acquisition demonstrates its commitment to innovating advanced technology intraocular lenses (AT-OIOLS), which help cataract surgery patients. By acquiring PowerVision's unique lens technology, patients can obtain a natural, continuous range of vision. Following additional development and clinical trials of the intraocular lens, commercial availability of PowerVision’s IOL technology will be determined.
The Arnold & Porter team includes Corporate & Finance partners Derek Stoldt and Aaron Gardner, counsel Eric Rothman and associate Bianca Prikazsky; Tax partner Laurie Abramowitz and senior associate Sarah Soloveichik; Employment and Benefits counsel Kathleen Wechter and associate Kathryn Geoffroy; Government Contracts and National Security partner Charles Blanchard and counsel Nicholas Townsend; and Intellectual Property associate Morgan Xu. Corporate & Finance partners Derek Stoldt and Nicholas O'Keefe worked with associate Tyler Conway on Alcon's 2016 M&A Option.