Alcon, a leading eye-care company, has acquired a majority stake in Aurion Biotech, ending months of legal disputes surrounding the cell therapy developer’s future. Aurion’s Chief Scientific Officer, Arnaud Lacoste, has been appointed CEO, replacing Greg Kunst, and the company will operate independently with Alcon’s support.
Aurion focuses on treating corneal endothelial diseases with cell therapy, offering a potentially less invasive alternative to corneal transplants. The company has an approved product in Japan and is advancing AURN001 in Phase 1/2 trials in the U.S.
Alcon, already a significant shareholder from a 2022 funding round, attempted to acquire Aurion, but its offer was rejected, leading to Aurion’s plans for an IPO. Alcon then sued to block the IPO, a move also challenged by Deerfield Management, a major investor, who accused Alcon of attempting a discounted takeover. Deerfield valued Aurion in the billions, even before its Japanese launch and U.S. trial completion.
Deerfield alleged Alcon had been “waging an unrelenting campaign” to acquire Aurion at a low valuation, hindering its ability to secure other financing. As of February, Alcon held roughly 40.5% of Aurion, and Deerfield held about 34%. Alcon’s acquisition announcement did not mention the planned IPO. New Aurion CEO Lacoste stated the company will leverage Alcon’s resources to advance AURN001 to Phase 3 trials later this year. The Phase 1/2 study included 97 patients with corneal edema.
https://www.biopharmadive.com/news/alcon-buys-stake-aurion-ipo-deerfield/743682/
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