Neurotech’s Acquisition by Alcon

On October 20, 2026, Alcon, a global leader in eye care, announced it has acquired Neurotech Pharmaceuticals, Inc. ("Neurotech"), a company focused on developing innovative cell therapies for chronic and neurodegenerative eye diseases, for $550 million. Alcon may be required to make additional contingent payments, including upon the achievement of commercial milestones. This acquisition expands Alcon's retina portfolio with ENCELTO™, the first and only U.S. FDA-approved treatment for adults with idiopathic Macular Telangiectasia Type 2 ("MacTel"), a rare, progressive retinal disease that leads to irreversible central vision loss that has historically had no approved treatment options. Cravath is representing Neurotech in connection with the transaction.

The Cravath team is led by partners Robert I. Townsend III, Jin-Kyu Baek and Patrick S. Taylor and includes associates Josh Santilli, Mariel V. Mok and Alexandra E. Stolfe and foreign associate attorney Charlotte Caplanne on M&A matters; partner J. Leonard Teti II and associate Andrew Stone on tax matters; partner Matthew J. Bobby, of counsel Aaron S. Cha and associate Oscar Porter on executive compensation and benefits matters; partner David J. Kappos, of counsel Kathryn-Ann Stamm and associate Liza C. Clark on intellectual property matters; partners Andrew C. Finch and Jesse M. Weiss and of counsel Lauren M. Rackow on antitrust matters; of counsel Annmarie M. Terraciano on environmental matters; and of counsel Joyce Law and practice area attorney Lauren Piechocki on real estate matters.