With the purchase, Novartis’ Alcon gets access to an innovative, fluid-based intraocular lens implant for people with cataracts.
Alcon, a division of Novartis, is a leader in the ophthalmology field, including cataract surgery. The company recently exercised its option (acquired in 2016) to buy PowerVision in order to gain access to the company’s fluid-based intraocular lens implant for people with cataracts. Alcom will pay $285 million for PowerVision.
Alcon acquired PowerVision in order to accelerate the development of what Alcon’s President of Global Business and Innovation Michael Onuscheck calls its “breakthrough accommodating lens technology.” The lenses react to natural eye muscle contractions; fluid moves around to become thicker for near vision and thinner for distance vision. The intraocular lens treats cataracts and restores a natural, continuous range of vision and could become the preferred treatment option for people who prefer not to wear glasses, he notes.
Additional development and clinical trials must be conducted before the technology can be commercialized. Alcon will make additional milestone payments beginning in 2023 if specific goals are met. An initial 2014 pilot study in Africa showed that patients with the implants achieved an average visual acuity better than 20/20 after 18 months.