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330 million US dollars! This laser ophthalmic treatment developer has been acquired

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2024-05-06 16:11:26
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Recently, according to a report submitted by BioLight to the Tel Aviv Stock Exchange, Swiss American pharmaceutical and medical device giant Alcon Pharmaceuticals is acquiring Israeli medical technology company Belkin Vision.

It is reported that BioLight will sell its 4% stake in Belkin Vision, which may be worth up to $330 million based on the milestones established in the transaction.

Belkin Vision has developed a non-contact automatic glaucoma laser treatment method that can be widely used by all ophthalmologists. The Eagle laser treatment program under Belkin Vision is currently available for sale in the European Union and the United Kingdom. Last December, it also received FDA approval.

The company was founded in 2013 and has raised approximately $45 million so far, including funding from the European Union and the Israel Innovation Authority. Glaucoma is the main cause of blindness in 70 million people worldwide, with over 3.6 million patients diagnosed with glaucoma in the United States alone.

Alcon is a Swiss American pharmaceutical and medical device company with a current market value of over 38 billion US dollars.
BioLight's report states that all shares of Belkin Vision will be transferred to a wholly-owned subsidiary of Alcon, and upon completion of the transaction, BioLight will immediately receive $9 million in cash and additional compensation of up to $10.8 million based on achieving the milestone (sales target).

As of the end of 2023, BioLight's shareholding value in Belkin Vision was 3.6 million shekels (approximately $970000). There are several conditions that need to be met to complete the transaction, and the deadline is 120 days after the agreement is signed.

Source: OFweek

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