Alcon has acquired Neurotech Pharmaceuticals for $550 million, expanding its retina portfolio with ENCELTO, the first and only U.S. FDA-approved treatment for adults with idiopathic Macular Telangiectasia Type 2, or MacTel.
The transaction also includes potential contingent payments tied to commercial milestones.
Neurotech Pharmaceuticals is focused on developing cell therapies for chronic and neurodegenerative eye diseases. Its lead commercial product, ENCELTO, is an encapsulated cell therapy designed for surgical implantation in the eye.
ENCELTO was approved by the U.S. Food and Drug Administration in March 2025 under a Biologics License Application after receiving Priority Review and Orphan Drug designation. The treatment is currently available only in the United States.
MacTel is a rare, progressive retinal disease that can cause irreversible loss of central vision. Alcon estimates approximately 25,000 MacTel patients are diagnosed in the U.S., with another 2,000 to 3,000 diagnosed annually.
ENCELTO continuously releases recombinant human ciliary neurotrophic factor, or rhCNTF, directly into the eye. The protein is designed to help protect retinal cells and reduce the loss of photoreceptors, the light-sensing cells responsible for vision.
Alcon said the acquisition brings together Neurotech’s cell therapy platform with its own capabilities in surgical retina, clinical development, commercialization, and global distribution.
The company expects the transaction to be modestly accretive to net sales growth and slightly dilutive to core diluted earnings per share in 2027, with the acquisition expected to become accretive thereafter.
Neurotech’s Encapsulated Cell Therapy platform uses a small semi-permeable capsule containing genetically engineered allogeneic retinal pigment epithelium cells designed to provide sustained delivery of therapeutic proteins for chronic eye diseases.
Alcon believes its existing commercial infrastructure and relationships with retinal specialists could help broaden access to ENCELTO while supporting further development of Neurotech’s underlying technology platform.
Goldman Sachs served as financial advisor to Alcon, while Gibson, Dunn & Crutcher provided legal counsel. J.P. Morgan Securities served as lead financial advisor to Neurotech, and Cravath, Swaine & Moore served as lead legal advisor. Neurotech also received advice from Rothschild & Co, Ropes & Gray, Fenwick & West, and Elrifi Law.
KEY QUOTES:
“Neurotech’s innovative platform sits at the intersection of cell therapy, pharmaceuticals, and surgery, making it a highly complementary addition to our current capabilities and advancing our vision for the future of retinal disease treatment. By combining Neurotech’s groundbreaking science and established commercial footprint with Alcon’s global reach and clinical expertise, we can help bring this innovation to more patients whose vision is threatened by MacTel.”
David Endicott, Chief Executive Officer Of Alcon
“ENCELTO addresses a significant unmet need for MacTel patients. Alcon’s presence in surgical retina combined with its dedication to innovation make them the ideal partner to broaden access to this important therapy.”
Dan Miller, MD, PhD, Distinguished Fellow, Research & Development At Alcon
“This milestone significantly advances Neurotech’s mission to bring ENCELTO to patients suffering from this debilitating disease. Alcon’s global scale, commercial capabilities and scientific expertise will expand and facilitate patient access to ENCELTO, and I’m grateful to the entire Neurotech team, as well as the physicians, investigators, patients, and advocates within the MacTel community whose dedication has made this achievement possible.”
Richard Small, Chief Executive Officer Of Neurotech Pharmaceuticals
