Alcon said on 20 October 2026 that it had acquired Neurotech Pharmaceuticals, the US developer of the encapsulated cell therapy ENCELTO, for US$550m plus potential milestone payments.
Why Alcon Inc. is buying Neurotech Pharmaceuticals, Inc.
Alcon said Neurotech's platform sits at the intersection of cell therapy, pharmaceuticals and surgery, giving it a commercial product for MacTel type 2 that is implanted by vitreoretinal surgeons, a core Alcon customer group.
Deal terms and financing
Alcon paid US$550m and may make further contingent payments linked to commercial milestones. It expects the deal to be modestly accretive to net sales growth and slightly dilutive to core diluted earnings per share in 2027, becoming accretive after 2027.
Regulatory approvals and timing
Alcon said the acquisition has been completed. ENCELTO received FDA approval in March 2025 with priority review and orphan drug designation, and is currently available only in the United States.
Market context
About 25,000 patients in the US have been diagnosed with MacTel, with 2,000 to 3,000 new diagnoses a year. ENCELTO continuously releases ciliary neurotrophic factor to protect retinal photoreceptors.
