By Colin Kellaher

Alcon Inc. on Monday said it agreed to buy privately held Ivantis Inc., maker of the Hydrus Microstent minimally invasive glaucoma surgery device, for an initial $475 million.

The Swiss eye-care company said the deal also includes additional contingent payments subject to the achievement of certain regulatory and commercial milestones.

Alcon said the addition of the Hydrus device, which is designed to lower intraocular pressure for open-angle glaucoma patients in connection with cataract surgery, expands its portfolio across cataract, refractive, retina and glaucoma.

Alcon said it expects to complete the acquisition of Ivantis, based in Irvine, Calif., in the first quarter of 2022.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 08, 2021 06:11 ET (11:11 GMT)

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