Alcon, Inc. is reported to be purchasing BELKIN Vision, a glaucoma surgery company, in a deal worth up to $335 million.
Refresh me on BELKIN.
Established in 2013 and based in Yavne, Israel, BELKIN Vision is a medical device company whose sole focus is on developing and bringing to market a first-line glaucoma laser treatment.
Its flagship product: The Eagle, a glaucoma laser intended for use in performing selective-laser trabeculoplasty (SLT).
Talk about this laser.
The Eagle is a Q-switched, 532 nm-wavelength, frequency-doubled, neodymium-doped yttrium aluminum garnet (Nd:YAG) laser device designed to provide an automated and non-invasive solution for glaucoma surgery.
Its uniqueness: The device is the first—and currently only—direct SLT (DSLT) laser for glaucoma that delivers laser energy through a non-contact approach via the cornea with a more rapid and simplified technique compared to standard SLT.
Note: While already commercially available in the European Union (EU) and United Kingdom (UK), the FDA granted the device 510(k) clearance back in December 2023. Read our coverage here.
And how exactly does it work?
Laser energy is directly delivered (without contact, remember) through the limbus to the trabecular meshwork—all without the use of a gonioscopy lens.
From there, the device works to automatically define the target location and then applies the laser treatment sequence while the eye tracker compensates for any eye movement.
See here to learn more, including details on clinical data supporting its use for reducing intraocular pressure (IOP) in open-angle glaucoma patients (OAG) over a 12-month study period.
Got it. Now let’s talk about this deal.
First things first: The acquisition was reported to be announced by BioLight Industries, an Israeli ophthalmology investment firm with a 4% stake in BELKIN.
- Note: Glance confirmed with both Alcon and BELKIN on May 8, 2024, that the companies entered into an agreement on May 3, 2024, to purchase both the company and its Eagle device.
Why this matters: BioLight reportedly received an immediate payment of $2.4 million for its shares, with the potential for further milestone payments totaling up to $10.5 million.
And how much is Alcon paying?
Reports have estimated that the company is making an immediate payment of $60 million for BELKIN.
Plus: Milestone payments will reportedly bring the total acquisition to a whopping (up to) $335 million.
That’s quite the sum … so how much financing is BELKIN bringing?
The company recently raised $12.3 million in February 2024, which brought its grand total of funding to $40 million since its launch.
Plus: Back in December 2021, BELKIN received $17.5 million in grants and financing from the European Innovation Council Accelerator.
Any input on this deal from its CEO?
Yes! In a statement to Glance, BELKIN CEO Daria Lemann-Blumenthal said that, as the company was founded with the goal to enhance access to care, the agreement “brings us closer to realizing our vision enabling a rapid expansion to reach more doctors and patients globally.”
And what’s the significance of this purchase for Alcon?
After acquiring Ivantis, Inc.—and with it, the Hydrus Microstent—in January 2022, the company became one of the leading manufacturers of the top minimally-invasive glaucoma surgery (MIGS) devices in the glaucoma field.
With this latest acquisition, plus the FDA clearance at the end of last year, Alcon will likely be advancing the commercial availability of the Eagle SLT device to the U.S. market in the near future.
Lastly… when is the deal effective?
Per Alcon, the acquisition is expected to close at the beginning of Q3 2024, subject to customary closing conditions, with additional details to follow.