M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Alcon Research, LLC to acquire LENSAR, Inc.
Announced Mar 24, 2025 · Terminated Mar 17, 2026
Deal value$356MEV $356M
Premium—To unaffected price
EV / Adj. EBITDA—6.7x EV / Revenue
ConsiderationAll cash$14.00 per share
Transaction
- Acquirer
- Alcon Research, LLC
- Target
- LENSAR, Inc. (LNSR)
- Buyer type
- Strategic
- Offer price per share
- $14.00
- Enterprise value
- $356M
- Status
- Terminated Mar 17, 2026
Deal protections
- Break fee (target pays)
- $8.5M · 2.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Lazard
- To the target
- Wells Fargo
- Wells Fargo fee
- $7.5M
Sector context · Healthcare
- Comparable deals
- 94 in the prior 24 months
- Premium
- Sector median 66.0%
- EV / Adj. EBITDA
- Sector median 13.8x
- Break fee
- 2.4% vs. 3.4% sector median
Timeline
- AnnouncedMar 24, 2025
- Proxy filedMay 7, 2025
- Definitive proxyMay 19, 2025
- Shareholder voteJul 2, 2025
- TerminatedMar 17, 2026
Valuation · fairness opinions
Trading comparables$12.27$16.51
Trading comparables$10.53$18.30
Discounted cash flow$9.89$12.53
Premiums paid$17.49$23.12
Offer $14.00
Implied value per LENSAR, Inc. share by analysis, from Wells Fargo.