Novartis eye care division Alcon has acquired US-based medical device development firm PowerVision in a deal valued at around $285m.
PowerVision is a privately-held firm that focuses on the development of fluid-based accommodating intraocular lenses for cataract surgery patients.
As per terms of the deal, PowerVision is also eligible to receive additional payments based on specified regulatory and commercial milestones. The additional payments will start in 2023.
The acquired business will help Alcon to further provide advanced lens to cataract patients across the world.
Novartis said the commercial availability of PowerVision’s IOL technology will be determined following significant additional development and clinical trials of the intraocular lens.
Alcon global business and innovation president Michael Onuscheck said: “As the industry leader in cataract surgery, we’re eager to accelerate development of this potentially breakthrough accommodating lens technology.
“By treating cataracts and restoring natural, continuous range of vision, this intraocular lens may be the preferred IOL for cataract surgery patients who desire spectacle independence.”
PowerVision’s advanced lens design is said to use the natural accommodating response of the eye to transport fluid in the intraocular lens, which is implanted in the eye’s capsular bag.
The company’s fluid-based design creates a continuously variable monofocal lens that will use the natural contraction of the eye’s muscles, while most presbyopia-correcting intraocular lenses use a multifocal design that distributes light between different focal points.
The technology enables the patient to actively focus on objects similar to the natural crystalline lens does in a youthful eye, enabling to provide a natural and continuous range of vision.
PowerVision president, CEO and co-founder Barry Cheskin said: “We’re thrilled to officially join Alcon and its pioneering history of launching new innovation in the field of ophthalmology.
“We look forward to bringing this innovative IOL technology to eye care providers and customers in the years ahead.”
Alcon provides the broadest portfolio of products for the treatment of conditions such as cataracts, glaucoma, retinal diseases and refractive errors.