(RTTNews) - Alcon Inc. (ALC), an eye care company specializing in surgical and vision care products, on Monday announced that it has entered into a non-exclusive collaboration with RxSight, Inc. (RXST), an ophthalmic medical device company, to develop adjustable presbyopia-correcting intraocular lenses, or PCIOLs.
Under the agreement, RxSight will receive an upfront payment of $60 million to support development activities and may receive an additional $140 million upon achieving certain development and regulatory milestones, bringing the total potential deal value to $200 million.
The companies will combine RxSight's post-operative light-adjustable technology with Alcon's PCIOL optical designs to develop a technology aimed at enabling surgeons to fine-tune visual outcomes for cataract patients who choose a PCIOL.
PCIOLs use specialised optical designs to distribute or reshape incoming light, providing a broader range of vision across near, intermediate, and distance ranges after cataract surgery.
Additionally, Alcon will lead global commercialisation, while RxSight will be responsible for development and manufacturing and will be eligible to receive royalties on net sales.
RxSight's Light Adjustable Lens is made of a proprietary photosensitive material that allows the shape and power of the implanted lens to be adjusted in response to ultraviolet light.
ALC has traded between $61.83 and $92.55 over the last year. RXST has traded between $4.48 and $13.36 over the last year.
Alcon shares closed Monday at $68.33 down 1.91%. In the overnight market, shares are trading up 0.57% to $68.72.
RxSight shares closed Monday down 0.18% to $5.60. In the overnight market, shares are trading at $5.53, down 1.25%.
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