Staar Surgical Co. is getting acquired by Switzerland-based Alcon Inc. for $1.5 billion.
“We believe the transaction with Alcon represents the best path forward and provides the greatest value for STAAR shareholders,” Chief Executive Stephen Farrell said in a statement.
The acquisition, announced last night after market close, comes six months after Farrell became CEO of the Lake Forest-based eye lens maker, replacing Tom Frinzi.
The transaction is expected to close in the next six to 12 months, according to Staar.
Staar will report second quarter results tomorrow.
Shares in Staar soared 45% to $26.85 and a $1.3 billion market cap on news of the acquisition.
