06:26 AM EDT, 08/05/2025 (MT Newswires) -- Alcon ( ALC ) on Tuesday agreed to acquire eye lens manufacturer STAAR Surgical ( STAA ) in a deal worth about $1.5 billion, as the eye care products company looks to expand its offerings to treat myopia, or nearsightedness.

Under the terms of the transaction, Alcon ( ALC ) will buy all shares of STAAR for $28 apiece in cash, representing a 51% premium to the company's closing price on Monday. STAAR's shares climbed 45% in the most recent premarket activity, while Alcon's ( ALC ) US-listed stock was up slightly.

The deal, which requires approval from regulators and clearance from STAAR's shareholders, is expected to be completed in about six to 12 months, according to the companies.

The acquisition includes the EVO lens line for correcting the vision of certain patients with moderate to high myopia, with and without astigmatism. "This transaction will allow us to provide treatment options across the full spectrum of myopia-from contact lenses to surgical interventions-reinforcing our commitment to addressing the most significant needs in eye care," Alcon ( ALC ) Chief Executive David Endicott said in a statement.

Alcon ( ALC ), which plans to issue short- and long-term credit facilities to finance the transaction, expects the deal to be accretive to its earnings in the second year after completion.

"We believe the transaction with Alcon ( ALC ) represents the best path forward and provides the greatest value for STAAR shareholders," according to STAAR CEO Stephen Farrell. "As a significantly larger company, Alcon ( ALC ) has the capabilities and scale to accelerate EVO ICL adoption and bring our innovative technology to more surgeons and patients worldwide."

STAAR is scheduled to report its latest quarterly results after the markets close on Wednesday. In light of its proposed acquisition by Alcon ( ALC ), the company will not hold a conference call to discuss its results.

In May, STAAR reported a fiscal first-quarter net loss of $1.10 a share, up from a $0.07 loss the year before. Sales dropped 45% to $42.6 million due to planned reduction of channel inventory in China, the company said at the time.

"As we've shared, fluctuating demand in China over the past two years has continued to create significant headwinds for STAAR as a standalone company," Farrell said Tuesday. "I'm proud of our team's efforts to address recent challenges, but there is more work to do."