Novartis AG's Alcon Inc. acquired U.S. medical device company PowerVision Inc. for $285 million.
PowerVision is a privately held company focused on creating fluid-based intraocular lens implants, which restores the vision of people affected by cataracts and/or presbyopia, the eyes' inability to focus up close.
Alcon, the eye care division being spun out of Swiss drugmaker Novartis, will make additional payments to PowerVision upon achievement of certain regulatory and commercial milestones starting in 2023. The acquisition does not have any effect on Alcon's 2023 financial guidance.
PowerVision's intraocular lens technology will be commercially available after significant additional development and clinical trials, Alcon said.