Key Takeaways

  • Alcon acquired Neurotech Pharmaceuticals for $550 million, with potential additional milestone payments

  • The acquisition adds Encelto, the first FDA-approved treatment for adults with idiopathic MacTel type 2, to Alcon’s retina portfolio

Alcon announced its acquisition of Neurotech Pharmaceuticals for $550 million, expanding its retina portfolio with Encelto (revakinagene taroretcel-lwey), the first and only FDA-approved treatment for adults with idiopathic macular telangiectasia type 2 (MacTel).

The agreement includes potential additional payments contingent on commercial milestones.

Encelto, an encapsulated cell therapy designed for surgical intravitreal implantation, received FDA approval in March 2025 following priority review. The therapy also received Orphan Drug designation and is currently available in the United States.

MacTel is a rare, progressive retinal disease associated with irreversible central vision loss. Approximately 25,000 patients have been diagnosed with MacTel in the United States, with an estimated 2,000 to 3,000 new diagnoses annually.1-3

Encelto continuously releases recombinant human ciliary neurotrophic factor (rhCNTF), a protein that helps protect retinal cells and reduce photoreceptor loss.

“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, CEO 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."

The companies say the acquisition combines Neurotech’s cell therapy platform and existing commercial operations with Alcon’s surgical retina capabilities and global distribution network. Alcon indicated that the transaction could support broader patient access to Encelto.

Richard Small, CEO of Neurotech Pharmaceuticals, said Alcon’s commercial capabilities and scientific expertise would help expand access to the treatment.

Alcon expects the acquisition to be modestly accretive to net sales growth and slightly dilutive to core diluted earnings per share in 2027, with accretion expected thereafter.

References

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.