Represented client in its acquisition of PowerVision Inc., a medical device development company focused on creating fluid-based intraocular lens implants.
Our attorneys represented Alcon Laboratories, Inc., the global leader in eye care and a division of longtime client Novartis, in its $285 million acquisition of PowerVision Inc., 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.