Staar Surgical to terminate Alcon merger agreement

Staar Surgical (STAA) announced that based on preliminary estimates by Staar’s proxy solicitor, Staar did not receive the necessary stockholder votes to approve the merger agreement with Alcon (ALC) at the Special Meeting of Stockholders held today. Staar intends to terminate its merger agreement with Alcon. No termination fee will be payable by either party, and Staar will remain a standalone, publicly traded company and continue to trade on Nasdaq under the ticker symbol “STAA.” Stephen Farrell, CEO of Staar, said, “The Board approved the Alcon agreement because we determined that it was in the best interests of Staar stockholders. We respect the outcome of the vote and look forward to working collaboratively with shareholders to ensure the best possible outcome for Staar as a stand-alone company. We remain committed to maximizing stockholder value and realizing the full potential of Staar’s innovative technology. Staar has a dedicated and loyal team that will compete successfully, and our EVO ICL technology is best in class. In the short term, we will continue to prioritize profitable sales growth while we drive efficiencies through our distribution network. Our EVO ICL technology should be used more extensively worldwide, and it is our mission to achieve that objective.”