Alcon scoops up ESBATech in $589M buyout

Alcon (ACL) is slapping down $150 million to scoop up Switzerland's ESBATech while setting aside $439 million more for a schedule of milestone payments.

For Alcon, the deal delivers antibody fragment technology it can use in its development programs for new eye treatments. Alcon has been wheeling and dealing recently, inking a pact with AstraZeneca to match its research expertise with the pharma company's drug librairies in search of new drugs.

"Biotechnology offers significant growth opportunities in ophthalmology because it has the potential to deliver therapies with superior efficacy and safety relative to existing approaches," said Sabri Markabi, M.D., Alcon's senior vice president of research and development and chief medical officer. "Combining ESBATech's proprietary antibody fragment technology with our expertise in ophthalmic formulation and capabilities in global development will strengthen Alcon's leadership position in ophthalmology." 

- check out the Alcon release
- read the story from Reuters