Alcon Acquires Neurotech Pharmaceuticals for $550 Million to Expand Retinal Treatments

Alcon has completed its $550 million acquisition of Neurotech Pharmaceuticals, adding the FDA-approved retinal treatment ENCELTO to its portfolio and expanding its capabilities in cell-based therapies for chronic eye diseases.

The transaction gives Alcon ownership of ENCELTO (revakinagene taroretcel-lwey), the first and only treatment approved by the US Food and Drug Administration for adults with idiopathic Macular Telangiectasia Type 2 (MacTel), a rare, progressive retinal disease associated with irreversible central vision loss.

ENCELTO received FDA approval in March 2025 and is currently available only in the United States. The treatment uses encapsulated cell technology to deliver recombinant human ciliary neurotrophic factor directly to the retina through a surgically implanted device. Approximately 25,000 patients have been diagnosed with MacTel in the US, with an estimated 2,000–3,000 new diagnoses annually.

Alcon paid $550 million for Neurotech, with additional contingent payments possible upon the achievement of commercial milestones. The company expects the acquisition to be modestly accretive to net sales growth and slightly dilutive to core diluted earnings per share in 2027, before becoming accretive thereafter.

Deal Snapshot

• Buyer / Parties: Alcon
• Target: Neurotech Pharmaceuticals, Inc.
• Sector: Ophthalmology, biotechnology, retinal therapies
• Deal type: Completed acquisition
• Value: $550 million, plus potential contingent payments
• Geography: Switzerland / United States
• Identified advisers: Goldman Sachs & Co., Gibson, Dunn & Crutcher LLP, J.P. Morgan Securities LLC, Cravath, Swaine & Moore LLP, Rothschild & Co, Ropes & Gray LLP, Fenwick & West LLP, Elrifi Law PLLC

Deal Rationale

The acquisition combines Neurotech’s encapsulated cell therapy platform with Alcon’s established surgical retina business. Neurotech’s technology provides sustained delivery of therapeutic proteins for chronic eye diseases, while Alcon brings commercial infrastructure and clinical expertise. The transaction broadens Alcon’s retinal treatment portfolio and provides a platform for expanding patient access to ENCELTO.

Advisers to the Transaction

Buyer – Alcon: Goldman Sachs & Co. acted as financial adviser. Gibson, Dunn & Crutcher LLP served as legal adviser.

Seller / Target – Neurotech Pharmaceuticals: J.P. Morgan Securities LLC acted as lead financial adviser, while Cravath, Swaine & Moore LLP served as lead legal adviser. Additional advisers included Rothschild & Co, Ropes & Gray LLP, Fenwick & West LLP and Elrifi Law PLLC.

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