Alcon, a vision care subsidiary of pharmaceutical group Novartis, agreed on Monday to acquire Ivantis, a US-based, corporate-backed minimally invasive glaucoma surgery (MIGS) technology provider, for $475m.
The deal could be boosted by potential regulatory and commercial milestone payments, and is expected to close by the end of the first quarter of 2022.
Ivantis provides a device called Hydrus Microstent which is designed to help ophthalmic surgeons conduct MIGS procedures to treat glaucoma, which is caused by increased pressure in the eye.
Alcon CEO David Endicott said: “Our global commercial footprint and development capabilities make us well-positioned to build on the success of Ivantis and help even more patients see brilliantly with Hydrus Microstent.”
The company had closed a $25m series C round in 2017 featuring healthcare technology holding group Institut Mérieux and care providers Ascension Health and MemorialCare Health System.
RA Capital Management led the series C round, which included New Enterprise Associates (NEA), Delphi Ventures, Foresite Capital and GBS Ventures, while Mérieux Développement, Ascension Health Ventures and MemorialCare Innovation Fund respectively represented the corporate investors.
Ivantis had completed a $71m series B round in 2014 featuring Ascension Health Ventures, MemorialCare Innovation Fund, EDBI, Vertex Ventures, Foresite Capital, NEA, Delphi and GBS that was raised across four tranches. NEA helped incubate Ivantis in 2007 before taking part in its $17m series A round four years later.
