Alcon Announces Majority Ownership of Aurion

Alcon announced March 26 that it had acquired a majority interest in Aurion Biotech, developer of a corneal cell therapy.

News of Alcon’s majority stake—after acquiring additional shares in Aurion from Petrichor—first came to light in February in a lawsuit filed by Deerfield Management against Alcon. The lawsuit has been settled, according to filings with the Court of Chancery of the State of Delaware.

Aurion—with offices in Seattle; Cambridge, Massachusetts; and Tokyo—will operate as a separate company, with full support from Alcon.

Aurion’s lead asset is AURN001, being developed for corneal edema secondary to corneal endothelial disease. Alcon said it planned to advance the candidate into Phase III study in the US during the second half of 2025.

AURN001 has received US breakthrough therapy and regenerative medicine advanced therapy designations.

Alcon CEO David Endicott said in a statement: “We recognize the exciting potential of cell therapies in ophthalmology, particularly given the shortage of available corneal tissue globally, and look forward to assisting Aurion in this promising area of patient care.”

Change in CEO

As part of the transaction, Aurion’s board appointed Arnaud Lacoste, PhD, formerly chief scientific officer, to the role of CEO of Aurion, effective immediately.

Lacoste replaces CEO Greg Kunst, who founded the company in 2021.

Ownership Battle

Alcon, a Swiss company with US headquarters in Texas, had invested in Aurion in 2022 as part of a $120 million Series C round led by Deerfield Management.

Alcon and Aurion’s relationship soured in 2024 after Aurion attempted to conduct an initial public offering and Alcon tried to prevent it, claiming that Alcon’s rights as a preferred shareholder were being violated. Aurion filed a countersuit in November 2024 claiming that Alcon wanted to prevent the public offering so it could buy Aurion at a low price.

A judge ruled in Aurion’s favor on Jan. 27, 2025.

The Deerfield Lawsuit

Prior to Feb.  14, Alcon held 40.5 percent of Aurion’s outstanding stock, according to the lawsuit filed by co-investor Deerfield in late February.

The lawsuit claimed:

—Alcon on Feb. 14 entered into a stock purchase agreement to acquire Petrichor’s shares of Aurion, which would result in Alcon holding 54 percent of the outstanding shares and give Alcon majority ownership of Aurion. Also, Alcon would assume the Series B director seat on Aurion’s board held by Petrichor.

—The transaction was subject to a 30-day initial waiting period under the HSR Act and not closed as of the time of subsequent actions by Alcon.

—The resignation of the executive chair of Aurion’s board on the evening of Feb. 14 left the board with only six members. Minutes later, Alcon and Petrichor replaced the Series B director with an Alcon designee, resulting in a board split three to three between Alcon designees, likely to vote against an IPO, and non-Alcon designees.

Deerfield sought to invalidate Alcon’s actions on Feb. 14, given the required waiting period. It also sought damages.

The suit was dismissed on March 26 after the judge was advised of a settlement.

Aurion’s Technology

Aurion patented a process developed by Shigeru Kinoshita, MD, PhD, to culture healthy endothelial cells from a donor cornea. Cells manufactured from a single donor can treat more than 100 recipient eyes, Aurion says. The endothelial cells are injected intracamerally, where they repopulate into a healthy monolayer and start decreasing corneal edema.

Aurion launched its first-generation cell therapy, Vyznova (neltependocel), for the treatment of bullous keratopathy of the cornea, in Japan in September 2024.

Going forward, Aurion will have access to the broader R&D, regulatory, medical ophthalmic, and commercial capabilities of Alcon, Alcon said.

Aurion has completed enrollment and dosing of a Phase I/II study of AURN001 (the CLARA trial). Ninety-seven subjects with corneal edema secondary to corneal endothelial dysfunction were randomized into five dosing arms at sites in the US and Canada. Alcon said the results of the study support the advancement of AURN001 into Phase III.