Alcon to buy Swiss biotech firm for up to $589 m

Eye care company Alcon said late on Sunday it had entered into a definitive agreement to buy Swiss biotechnology company ESBATech AG for $150 million in cash.

Alcon, majority owned by Swiss food group Nestle, will also make contingent payments of up to a further $439 m based on the achievement of research and development milestones at the clinical stage biotech company. "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," said Alcon chief medical officer Sabri Markabi in a press statement.