Alcon buys majority stake in IPO-seeking cell therapy startup Aurion
The leading eye-care company Alcon on Wednesday said it has acquired a majority stake in Aurion Biotech, capping months of legal wrangling over the future of the cell therapy developer.
As part of the takeover, Aurion's board appointed Chief Scientific Officer Arnaud Lacoste as the company's new CEO, immediately replacing Greg Kunst. Aurion will continue as a separate company, 'with full support from Alcon,' according to Wednesday's press release.
Aurion is focused on diseases that affect the endothelium, the layer of cells on the posterior surface of the cornea. Using cell therapy, the company aims to reverse vision loss and offer patients an easier recovery than treatments that involve corneal endothelial transplant procedures. Aurion has an approved product in Japan and is advancing another, AURN001, in Phase 1/2 research in the U.S.
The company had generated interest among investors, raising $120 million in a 2022 financing led by Deerfield Management that included participation from Alcon. As Aurion looked for further funding, Alcon expressed interest in buying the company, but its offer was rejected, according to court documents. Aurion then made plans to go public.
Alcon, however, was already a top shareholder and sued to block Aurion's IPO, losing in court in January. Deerfield also sued Alcon, saying Alcon was trying to thwart the IPO so it could buy Aurion itself at a discount. Independent analyses placed a multibillion-dollar value on Aurion even before it launched its first product in Japan and completed a clinical trial in the U.S., Deerfield said.
For more than two years, Alcon 'has waged an unrelenting campaign' to take over Aurion 'at a highly discounted valuation,' Deerfield alleged. 'Alcon has sought to cut off Aurion's ability to obtain financing from sources other than Alcon.'
As of February, Alcon held about 40.5% of Aurion and Deerfield held about 34%, according to Deerfield's lawsuit. Alcon's statement on Wednesday made no mention of the planned IPO. An Aurion spokesperson declined to comment to BioPharma Dive. Officials at Alcon and Deerfield didn't immediately respond to requests for comment.
In Alcon's release, new Aurion CEO Lacoste said his company looks forward to 'leveraging Alcon's global resources and commercial expertise' to move AURN001 into Phase 3 development later this year. The Phase 1/2 study included 97 patients with corneal edema secondary to corneal endothelial dysfunction.
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