A high-profile deal unravels, shareholders have their say and two refractive heavyweights reset their strategies.
STAAR Surgical (California, USA) and Alcon (Geneva, Switzerland) have officially called off what was shaping up to be one of ophthalmology’s more closely watched deals, after STAAR shareholders declined to approve the proposed merger.
The company said the required vote was not secured at a Special Meeting of Stockholders held January 6, 2026. Based on preliminary estimates from STAAR’s proxy solicitor, the necessary shareholder support was not obtained, leaving the transaction unable to proceed.
“The Board approved the Alcon agreement because we determined that it was in the best interests of STAAR stockholders,” said Stephen Farrell, president and CEO of STAAR Surgical, in a news release. “We respect the outcome of the vote and look forward to working collaboratively with shareholders to ensure the best possible outcome for STAAR as a stand-alone company.”
Under the terms of the previously announced agreement, Alcon had agreed to acquire all outstanding STAAR shares in an all-cash transaction initially valued at approximately $1.5 billion and later increased to about $1.6 billion. Despite the revised offer reflecting higher consideration, shareholder approval ultimately fell short. The companies confirmed that no termination fee will be owed by either party.
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STAAR’s leadership response and strategic direction
Mr. Farrell also outlined STAAR’s strategic direction in the wake of the termination. “We remain committed to maximizing stockholder value and realizing the full potential of STAAR’s innovative technology. STAAR has a dedicated and loyal team that will compete successfully, and our EVO ICL technology is best in class,” he stated.
“In the short term, we will continue to prioritize profitable sales growth while we drive efficiencies through our distribution network. Our EVO ICL technology should be used more extensively worldwide, and it is our mission to achieve that objective.”
STAAR emphasized that, with the merger agreement no longer in place, leadership will remain focused on executing the company’s standalone strategy. Its implantable lens portfolio, which has surpassed three million devices sold across more than 75 countries, will continue to anchor efforts to drive growth and deliver shareholder value.
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Alcon confirming the termination of the merger
Alcon separately confirmed that it has terminated the definitive merger agreement and reiterated that its broader strategy remains unchanged. The company said it maintained discipline around valuation and risk throughout the process.
“Throughout this process we remained disciplined with our views on price and risk. Moving forward, our refractive strategy is unchanged and our new wavelight plus offering remains our focus for the most popular refractive surgery in the world, LASIK,” said Alcon CEO David Endicott.
“This will be an exciting year for Alcon as we continue the global launches of more than 10 major products in both our surgical and vision care franchises. These innovations substantively advance outcomes for eye care disorders and help patients around the world see brilliantly.”
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