Alcon AG

Bengaluru: Cash-strapped drug developer LB Pharmaceuticals said on Monday it was aiming for a valuation of up to $321.6 million in its New York initial public offering, potentially setting up the first sizable U.S. biotech flotation in months. WHY IT'S IMPORTANT Biotech listings - historically a key driver of U.S. healthcare listings - have slumped this year amid regulatory uncertainty, sidelining many would-be issuers. Weight-loss drug developer Aardvark Therapeutics was the last notable biotech to raise more than $50 million in 2025; its shares have nearly halved since their February debut. Aurion Biotech and Odyssey Therapeutics have both scrapped planned New York listings earlier this year. CONTEXT Founded in 2015, LB Pharmaceuticals is developing therapies that target schizophrenia, bipolar depression, and other neuropsychiatric diseases. The biotech's lead experimental candidate, LB-102, an oral drug in late-stage development, aimed at treating acute schizophrenia - a sudden and intense onset of psychotic symptoms. LB Pharmaceuticals plans to start a six-week late-stage trial of LB-102 in patients with acute schizophrenia in the first quarter of 2026. BY THE NUMBERS The New York-based firm is seeking up to $266.7 million by offering 16.7 million shares priced between $14 and $16 apiece. It has raised more than $120 million from investors, including venture capital firms Deep Track Capital, Pontifax, TCG Crossover Fund, and Vida Ventures. The company had $14.2 million cash in hand as of June 30. WHAT'S NEXT LB Pharmaceuticals will list on the Nasdaq under the symbol "LBRX." Leerink Partners, Piper Sandler, and Stifel are the lead underwriters for the offering. The company plans to use proceeds to advance clinical development of LB-102 for acute schizophrenia and bipolar depression and for general corporate purposes. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)

LumiThera’s AdaptDx and Diopsys Nova vision testing devices will be spun-off into a new diagnostic business in the coming months, before Alcon\'s acquisition closes by the end of September. \n Alcon has inked a deal to acquire LumiThera and its light-based therapy for dry age-related macular degeneration, which obtained a groundbreaking FDA clearance late last year.The Valeda system employs photobiomodulation—or PBM, the use of different wavelengths of low-level light—to help stimulate mitochondrial activity in the cells of the retina. Last November the FDA described the device as the first U.S. therapeutic option for adults with dry AMD, and capable of improving a patient’s vision by about one line on a standard eye chart after two years of in-office treatments.Dry AMD is a progressive disease that has no cure, and ranks as a leading cause of blindness worldwide while affecting nearly 200 million people, according to Alcon’s estimates. “Dry AMD is an area of significant unmet need, and PBM is an efficacious, non-invasive light therapy that can provide visual improvement for patients with early and intermediate disease,” Sean Clark, VP and general manager of Alcon’s global surgical franchise, said in a statement.“With Alcon’s global commercial and clinical expertise, we have the potential to make this therapy more broadly available to eye care professionals and their patients, while continuing to strengthen its body of clinical evidence,” Clark added. The financial terms of the deal were not disclosed. The transaction will not include LumiThera’s AdaptDx and Diopsys Nova vision testing and diagnostic devices, according to the companies—they’re set to be spun-off through a new business under LumiThera’s shareholders in the coming months, before the acquisition’s goal date set for the end of September.“Our PBM device provides a non-invasive treatment for dry AMD patients that can improve vision and address the disease earlier, before permanent vision loss. We are thrilled that Alcon agrees in the potential that this device has to change the lives of millions living with dry AMD, and we are confident that Alcon has the capabilities to broadly commercialize it,” said LumiThera President and CEO Clark Tedford.In May, the company published top-line results from an extended, open-label trial of Valeda, which followed patients that had completed its two-year pivotal study for an additional two-and-a-half years. The trial included a 20-month gap between treatment periods. According to the company, patients still maintained some vision benefits from the earlier study, and recovered vision once more after undergoing 13 months of retreatment.LumiThera’s approach previously received CE Mark approval in Europe in 2018, and the system is also available in Latin America, Singapore and the U.K. Alcon’s acquisition follows two recent deals for laser-based surgery systems—including a $466 million offer for Belkin Vision\'s automated glaucoma therapy in July 2024, and more recently $356 million for Lensar’s Ally robotic cataract platform. The latter transaction, announced this past March, has not yet closed, with a goal set for mid-to-late 2025.

GENEVA, Switzerland I July 07, 2025 I Alcon (SIX/NYSE: ALC), the global leader in eye care dedicated to helping people see brilliantly, today announced its intention to acquire LumiThera, Inc., a leader in light-based innovations for ophthalmology, and its PBM device for the treatment of early and intermediate dry AMD. 1 LumiThera’s PBM is the only device that has demonstrated meaningful vision improvement compared to baseline for people living with early to intermediate dry AMD. 2,* Dry AMD is a progressive disease typically treated in late stage, with limited treatment options. 2 “For more than 25 years, Alcon has been a leader in vitreoretinal surgery, and we are excited to expand our offerings into the clinic, to help millions of people living with dry AMD gain vision,” said Sean Clark, Vice President and General Manager, Global Surgical Franchise, Alcon. “Dry AMD is an area of significant unmet need, and PBM is an efficacious, non-invasive light therapy that can provide visual improvement for patients with early and intermediate disease. With Alcon’s global commercial and clinical expertise, we have the potential to make this therapy more broadly available to Eye Care Professionals and their patients, while continuing to strengthen its body of clinical evidence.” In dry AMD, vision loss results from the dysfunction and break down of retinal cells within the macula—the part of the retina that allows for sharpness and fine detail in seeing what’s directly in front of the viewer. 4 In the early stages, central vision becomes distorted and may ultimately progress to a complete loss, making everyday activities difficult, like reading, driving and even recognizing faces. 5 The retina is rich in mitochondria, and mitochondrial dysfunction is a known cause of vision loss in dry AMD. 6 PBM uses low-level light to stimulate mitochondrial energy production, promoting retinal cellular health. It uses three specific, science-backed wavelengths—delivering non-phototoxic light therapy (not laser therapy). 7,8 The non-invasive treatments are administered while the patient is sitting comfortably in a clinic setting. Data from the LIGHTSITE I, II, and III clinical trials consistently showed that PBM treatments provide visual acuity improvement with no treatment-related serious adverse events reported. 2 The pivotal LIGHTSITE III study was conducted at 10 sites across the U.S. and evaluated two years of PBM treatment versus a control light therapy. The results showed: “At LumiThera, we have been committed to developing novel light therapy technologies that address dry AMD,” said Clark Tedford, Ph.D., President and CEO of LumiThera. “Our PBM device provides a non-invasive treatment for dry AMD patients that can improve vision and address the disease earlier, before permanent vision loss. We are thrilled that Alcon agrees in the potential that this device has to change the lives of millions living with dry AMD, and we are confident that Alcon has the capabilities to broadly commercialize it.” PBM received FDA de novo market authorization in November 2024 and received CE Mark in November 2018. PBM is currently available in Europe, Latin America, Singapore, the U.K. and the U.S. The transaction does not include the acquisition of AdaptDx and Nova/Diopsys diagnostic devices, which will be separated and spun-off to LumiThera’s shareholders prior to Alcon’s acquisition and will continue to be marketed and sold by the LumiThera spin-off. Subject to customary closing conditions and a LumiThera shareholder vote, Alcon and LumiThera anticipate the acquisition to be completed in the third quarter of 2025. SOURCE: Alcon