Alcon agreed to acquire Neurotech Pharmaceuticals for $550 million, expanding its cell therapy ambitions with the company’s encapsulated ocular treatment Encelto (revakinagene taroretcel-lwey). Encelto is an allogeneic retinal pigment epithelium cell therapy engineered to release recombinant human ciliary neurotrophic factor (rhCNTF). The FDA approved Encelto in March 2025 for macular telangiectasia type 2 (MacTel), an unmet-needs retinal degeneration with no prior approved therapy. Alcon said the acquisition pairs its surgical retina footprint with Neurotech’s platform and technology. The deal continues a broader Alcon M&A run after the company separated from Novartis, including earlier retina- and eye-care acquisitions. Strategically, this transaction positions Alcon to scale a platform-based cell therapy in a regulated, localized setting—where manufacturing, distribution, and clinical evidence generation are likely to remain central to competitive differentiation.