Swiss-American ophthalmology company Alcon (SWX: ALC) is acquiring Israeli glaucoma treatment company Belkin Vision for up to $335 million.
The acquisition has been reported by Israeli ophthalmology investment firm BioLight Industries (TASE: BOLT), which notified the Tel Aviv Stock Exchange (TASE) that it will receive an immediate payment of NIS 9 million and additional milestone payments of up to $10.5 million for its 4% stake in the company.
From these numbers it is possible to calculate that Alcon is making an immediate payment of $60 million for Belkin Vision and milestone payments that would bring the total of the acquisition up to $335 million. BioLight, which had booked the value of its holding in Belkin Vision as just NIS 3.6 million, saw its share price rise 32.6% today.
Belkin Vision has developed a laser treatment for glaucoma. Last December, the Yavne-based company received FDA approval to market its laser device in the US. The company was founded in 2013 as Belkin Laser by ophthalmologist Prof. Michael Belkin to develop a non-contact laser treatment that is more effective and accessible in the treatment of glaucoma.
In February 2024 Belkin Vision raised $12.3 million, bringing the total amount raised by the company to $40 million. The company has also received a $17.5 million grant from the EU.
The company is led by CEO Daria Lemann-Blumenthal, while Prof. Belkin serves as medical director.
Published by Globes, Israel business news - en.globes.co.il - on May 5, 2024.
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