Novartis unit Alcon picks up Tear Film Innovations

Novartis (NYSE:NVS) subsidiary Alcon said it acquired Tear Film Innovations for an undisclosed amount.

San Diego-based TFI makes the iLux system, which is designed to treat blocked meibomian glands in eyelids. The company had raised a total of $18 million in two rounds in as many years, split evenly between the two. iLux won 510(k) clearance from the FDA in December 2017 and launched in May of this year, concurrent with an $8.5 million Series B round.

“With the acquisition of Tear Film, we’re excited to bring this latest innovation to treat the millions of people around the world who suffer from dry eye,” Alcon president Andy Pawson said in prepared remarks. “Alcon remains committed to improving the lives of patients around the world through innovative technologies like the iLux device to address significant unmet needs in eye care.”

“Since launching the iLux device earlier this year, we’ve seen an enthusiastic response from eye care professionals who have already begun to incorporate it as an advanced treatment option for patients suffering from meibomian gland dysfunction,” added TFI CEO Rob Thornhill. “Now, as part of Alcon, we’re eager to bring this technology to even more offices throughout the world.”

Alcon said it expects to reveal its plans to expand in other countries in 2019.

In June, Novartis said it’s planning to spin the Alcon unit into a publicly traded company after years of speculation that it wanted to ditch the ill-starred division.

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