The share price of Israeli ophthalmology investment firm BioLight Life Sciences (TASE: BOLT) rose 2% today after Israeli glaucoma treatment company Belkin Vision, in which it holds a 4% stake, announced that it had completed its sale to Swiss-American ophthalmology company Alcon (SWX: ALC).
BioLight reported on the deal in May and since then its share price has risen 40% and it currently has a market cap of NIS 22 million.
Alcon is acquiring Belkin Vision, which has developed laser-based technology for glaucoma treatment for up to $466 million, including an immediate payment of $81 million and a further $385 million in milestone payments according to the product's success on the market.
BioLight will receive NIS 8.9 million cash immediately and payments of up to $10.8 million if Belkin Vision achieves all its milestones - in other words an amount significantly higher than BioLight's overall value. Prior to the announcement of Belkin Vision's acquisition, Biolight had booked the value of its stake at just NIS 3.6 million.
US marketing approval
Last December, Belkin Vision received FDA marketing approval in the US for its laser-based device for treating glaucoma. The company was founded in 2013 as Belkin Laser to develop a non-contact laser treatment that is more effective and accessible in the treatment of glaucoma. In February 2024 Belkin Vision raised $12.3 million, bringing the total amount raised by the company to $40 million. The company has also received a $17.5 million grant from the EU.
The company was founded by ophthalmologist Prof. Michael Belkin as part of Sheba Medical Center's ARC project, together with CEO Daria Lemann-Blumenthal.
Alcon is expected to promote the use of Belkin Vision's product as a first line treatment for glaucoma. Alcon is a leading international corporation in the field of ophthalmology, and in the field of glaucoma it markets eye care and implants, and now it will also add a laser product. The product has been approved for marketing in Europe and the US, but to date has not been marketed in the US.
Published by Globes, Israel business news - en.globes.co.il - on July 3, 2024.
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