LENSAR, Inc. (LNSR), a commercial-stage medical device firm focused on developing robotic laser solutions for the treatment of cataracts, announced that it reached an agreement to terminate the merger agreement with Alcon Research, LLC, entered into in March 2025.
Following the news, LNSR is down over 20% at $7.81 in premarket trading today.
In March 2025, Alcon agreed to acquire LENSAR for a total consideration of $430 million, with the transaction expected to close in mid to late 2025, subject to regulatory approval.
According to the firm, the Federal Trade Commission intended to seek an injunction against the acquisition contemplated by the merger agreement.
Even earlier this February, Lensar provided an update on its pending acquisition by Alcon, stating that it expects to close the transaction in the first half of 2026, pending completion of an ongoing FTC review.
But currently, LENSAR and Alcon have mutually agreed to terminate the merger agreement in the best interests of both companies, as obtaining all required U.S. regulatory approvals was unlikely by either the original April 23, 2026, or the extended July 23, 2026, dates set forth in the merger agreement.
The company will retain the $10.0 million deposit contemplated by the merger agreement.
"While we are disappointed with this outcome and the FTC's intention to challenge the proposed transaction, we remain committed to advancing the field of cataract surgery through the continued market growth of our ALLY Robotic Cataract Laser System ", said Nick Curtis, President and CEO of LENSAR.
LENSAR has developed its ALLY Robotic Cataract Laser System as a compact, highly ergonomic system utilising an extremely fast dual-modality laser and integrating AI into proprietary imaging and software.
In addition, LENSAR plans to report fourth-quarter and full-year 2025 financial results, along with additional details on its go-forward strategy, on March 31, 2026.
LNSR has traded between $9.10 and $17.31 in the last year. The stock closed Monday's trade at $10.26, up 4 .16%.
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