Novartis’ eye care division Alcon buys US-based private mdical device company for $285M

Novartis’ eye care division Alcon has bought a privately-held US medical device company PowerVision, which focuses on focused on creating fluid-based intraocular lens implants, for $285 million at closing with additional payments based on specified regulatory and commercial milestones starting in 2023, Novartis said in a press release.

Barry Cheskin, President and CEO and Co-Founder of PowerVision, said: “We look forward to bringing this innovative IOL technology to eye care providers and customers in the years ahead.”

PowerVision’s unique lens design utilizes the eye’s natural accommodating response to transport fluid in the intraocular lens which is implanted in the eye’s capsular bag. While most presbyopia-correcting intraocular lenses use a multifocal design that distributes light between different focal points, PowerVision’s groundbreaking fluid-based design creates a continuously variable monofocal lens, utilizing the natural contraction of the eye’s muscles. This technology allows the patient to actively focus on objects, just as the natural crystalline lens does in a youthful eye, providing patients with a natural, continuous range of vision, it was noted in the Novartis’ press release