News Details

GENEVA--(BUSINESS WIRE)-- Alcon (SIX/NYSE: ALC), the global leader in eye care dedicated to helping people see brilliantly, today announced it has acquired Neurotech Pharmaceuticals, Inc., a company focused on developing innovative cell therapies for chronic and neurodegenerative eye diseases.

This acquisition expands Alcon's retina portfolio with ENCELTO™ (revakinagene taroretcel-lwey), the first and only U.S. FDA-approved treatment for adults with idiopathic Macular Telangiectasia Type 2 (MacTel), a rare, progressive retinal disease that leads to irreversible central vision loss that has historically had no approved treatment options. ENCELTO is an encapsulated cell therapy that is intended for surgical intravitreal implantation. The FDA granted ENCELTO priority review status and Orphan Drug designation and approved ENCELTO under a Biologics License Application (BLA) in March 2025. It currently is available in the U.S. only.

"Neurotech's innovative platform sits at the intersection of cell therapy, pharmaceuticals, and surgery, making it a highly complementary addition to our current capabilities and advancing our vision for the future of retinal disease treatment,” said David Endicott, Chief Executive Officer of Alcon. "By combining Neurotech’s groundbreaking science and established commercial footprint with Alcon's global reach and clinical expertise, we can help bring this innovation to more patients whose vision is threatened by MacTel."

It is estimated that there are approximately 25,000 diagnosed MacTel patients in the U.S. with 2,000-3,000 patients newly diagnosed annually.^1-3,† Until ENCELTO, there have been no FDA-approved treatments for MacTel patients. ENCELTO continuously releases a protein called recombinant human ciliary neurotrophic factor (rhCNTF) that can directly reach the retina, the light-sensitive part of the eye. CNTF helps protect certain cells in the retina, supporting their health and reducing the loss of light-sensing cells known as photoreceptors.

“ENCELTO addresses a significant unmet need for MacTel patients,” said Dan Miller, MD, PhD, Distinguished Fellow, Research & Development, Alcon. “Alcon's presence in surgical retina combined with its dedication to innovation make them the ideal partner to broaden access to this important therapy.”

“This milestone significantly advances Neurotech’s mission to bring ENCELTO to patients suffering from this debilitating disease,“ said Richard Small, Chief Executive Officer of Neurotech Pharmaceuticals, Inc. “Alcon’s global scale, commercial capabilities and scientific expertise will expand and facilitate patient access to ENCELTO, and I’m grateful to the entire Neurotech team, as well as the physicians, investigators, patients, and advocates within the MacTel community whose dedication has made this achievement possible.”

As part of the acquisition, Alcon paid $550 million to acquire Neurotech Pharmaceuticals, Inc. Alcon may be required to make additional contingent payments, including upon the achievement of commercial milestones.

Alcon expects the transaction to be modestly accretive to net sales growth and slightly dilutive to core diluted eps in 2027, and accretive thereafter.

Goldman Sachs & Co, served as financial advisor to Alcon and Gibson, Dunn & Crutcher LLP served as legal advisor to Alcon. J.P. Morgan Securities, LLC. served as lead financial advisor to Neurotech, and Cravath Swaine & Moore LLP served as lead legal advisor to Neurotech. Other advisors to Neurotech included Rothschild & Co, Ropes & Gray LLP, Fenwick & West LLP and Elrifi Law PLLC.

Cautionary Note Regarding Forward-Looking Statements

This document contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “commitment,” “look forward,” “maintain,” “plan,” “goal,” “seek,” “target,” “assume,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the transaction and the expected timing, impacts and benefits thereof.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict such as: (i) the failure to realize the anticipated benefits of the acquisition, including our ability to accelerate commercialization and patient access; and (ii) there may be liabilities related to the acquisition that are not known, probably or estimable at this time or unexpected costs, charges or expenses.

Additional factors are discussed in our filings with the United States Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this document speak only as of the date of its filing, and we assume no obligation to update forward-looking statements as a result of new information, future events or otherwise.

About Alcon

Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people’s lives. Our Surgical and Vision Care products touch the lives of more than 260 million people in over 140 countries and territories each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.

About Neurotech Pharmaceuticals, Inc.

Neurotech Pharmaceuticals, Inc. is a private biotech company focused on developing transformative therapies for chronic eye diseases. The core platform technology, Encapsulated Cell Therapy (ECT) is a first in class, drug delivery platform designed to slow the progression of MacTel and other chronic eye diseases. Learn more at https://www.neurotechpharmaceuticals.com.

About Macular Telangiectasia Type 2 (MacTel)

Macular Telangiectasia Type 2 (MacTel), or idiopathic macular telangiectasia type 2, is a bilateral, neurodegenerative disease in adults with characteristic localized retinal degeneration, a group of diseases that cause the gradual loss of cells in the retina, resulting in vision loss and secondary alterations of the retinal vasculature, the network of blood vessels that supplies oxygen and nutrients to the retina.⁴

About Encapsulated Cell Therapy (ECT)

Neurotech’s ECT platform is a cell-based gene therapy delivery system designed to provide long-term, sustained delivery of therapeutic proteins for the treatment of chronic eye diseases. This versatile platform consists of a small, semi-permeable capsule containing proprietary allogeneic retinal pigment epithelium (RPE) cells genetically engineered to produce specific therapeutic proteins for targeted disease treatment.

Indications and Usage

ENCELTO is an allogeneic encapsulated cell-based gene therapy indicated for the treatment of adults with idiopathic macular telangiectasia type 2 (MacTel).

IMPORTANT SAFETY INFORMATION

ENCELTO is inserted into the eye as an outpatient surgical procedure performed by an eye surgeon experienced in vitreoretinal surgery. If removal of ENCELTO is necessary, the removal surgery must also be done by an eye surgeon experienced in vitreoretinal surgery in an operating room as an outpatient surgery.

Please be advised that ENCELTO and the surgical insertion has related risks such as, but not limited to, endophthalmitis (eye infection), retinal tear and detachment (retina tears and potentially separates from the eye wall resulting in vision loss) vitreous hemorrhage, implant, extrusion, suture-related issues, temporary or permanent loss of vision, accelerated cataract formation and delayed dark adaptation

Patients may report side effects to the Food and Drug Administration (FDA) at 1-800-FDA-1088.

Please see full Prescribing Information and Patient Information for ENCELTO.

†Calculation performed using the US 2020 population (331,449,281).

Reference:

1. Claims dataset analysis (2018-24). Data as of 2023 - Alcon data on file.
2. Starr MR, et al. Ophthalmic Surg Lasers Imaging Retina. 2020;51(5): S35-S42.
3. United States Census Bureau. “Populations and People.” Accessed Jan 2024.
4. Charbel Issa P, Gillies MC, Chew EY, Heeren TFC, Bird AC, Peto T, Holz FG, Scholl HPN (2013) Macular Telangiectasia Type 2.

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