Alcon and Lensar entered an agreement to terminate their previously announced merger agreement, citing prolonged regulatory challenges and rising costs associated with the review process.

The decision comes after nearly a year of regulatory scrutiny, including opposition from the U.S. Federal Trade Commission (FTC), which ultimately led both companies to conclude that continuing the transaction was no longer viable.

In March 2025, Alcon and Lensar entered into a definitive merger agreement through which Alcon announced its intention to acquire Lensar for about $356 million. The acquisition included the ALLY Robotic Cataract Laser Treatment System, Lensar’s proprietary Streamline software technology, and Lensar legacy laser system.

Lensar and Alcon mutually agreed that terminating the merger agreement at this time is in the best interest of both companies. In a news release, Lensar stated "the required closing condition of receiving necessary U.S. regulatory approvals is unlikely to be met by the merger agreement’s outside date of April 23, 2026 or the potential extended outside date of July 23, 2026. The Company will retain the $10.0 million deposit contemplated by the merger agreement."

“Alcon continues to believe that the acquisition of Lensar would have significantly enhanced FLACS innovation and competition to the benefit of surgeons and patients,” said David J. Endicott, Chief Executive Officer of Alcon. “However, the delay and associated costs of this extended regulatory review, which began nearly a year ago, has rendered the transaction unattractive to pursue further in light of the Federal Trade Commission’s opposition.”

The termination marks a notable development in the ophthalmic device sector, where consolidation efforts have faced increasing regulatory scrutiny in recent years. The news comes just 2 months after Staar Sugical shareholders voted to terminate a merger agreement with Alcon. For Lensar, the decision signals a return to operating independently as it continues to develop its laser-based surgical systems.

“While we are disappointed with this outcome and the FTC’s intention to challenge the proposed transaction, we remain committed to advancing the field of cataract surgery through the continued market growth of our ALLY Robotic Cataract Laser System," said Nick Curtis, President and CEO of Lensar. “We are focused on continuing to drive the expansion of ALLY’s global installed base and procedure volumes, and creating long-term value for patients, our surgeon partners and shareholders. We will share more detail on our strategy when we release our financial results on March 31, 2026.”