Alcon a subsidiary of Novartis that specializes in eye care, recently announce its acquisition of PowerVision for a lot of money. Powervision a company that uses tech that creates fluid based intraocular lenses, has ambitious goals in treating patients suffering from cataracts. The buyout of Powervision shows Novartis pursuit of spinning off Alcon as its own and building it as a bigger player in optics.
The purchase of PowerVision will strengthen Alcon’s portfolio and leverage Alcon as a brand. The acquisition shows that Alcon wants to be a serious player in the world of vision and eye care. PowerVision was built with the vision of treating patients that underwent cataract surgery. These lenses are using the accommodative response of the eye in order to offer intermediate and near vision. It’s designed to help boost distance vision for patients, making it very attractive tech for Novartis.
The company did not really specify when it will bring Powervision’s IOL technology to the market but expect it to come very soon. They are estimating a double digit growth for the AT-IOLs. But that will costly come from more capital, innovations in the industry and a plethora of new and comprehensive ideas that might come to the table.
The PowerVision CEO is happy to join Alcon ( Payday?… ), they will receive funding to further Powervisions tech. The amount is quite large, of course, but the interesting thing is that there are some additional payments to be made in there too. What this means is that the amount PowerVision will get from this deal is even more than we imagine. Considering how valuable the technology really is, we understand how crucial this purchase was to begin with. Whether it will have the impact we believe or not, that remains to be seen. But this is still one amazing purchase and one great technology that everyone will be able to use at one point.
Right now there are around 20 million people in the US that suffer from cataracts, albeit at early stages. So it’s important to try and eliminate this issue early on, otherwise there can be problems and you have to avoid that as quickly as possible. Which is why the Alcon acquisition of PowerVision is quite amazing, because it puts this technology into the right hands that can actually benefit patients. While it might need some time to enter the market, it is estimated that we won’t see the tech until 2023 .
Alcon has seen tremendous growth since 1947, it now has $7 billion in sales per year, indeed a very profitable business.