Alcon agreed to acquire Neurotech Pharmaceuticals for $550 million, extending its cell therapy ambitions in ophthalmology. The deal includes Neurotech’s Encelto, an encapsulated cell therapy approved in March 2025 for macular telangiectasia type 2 under a BLA. Encelto delivers recombinant human ciliary neurotrophic factor (rhCNTF) from engineered retinal pigment epithelium cells released in the eye capsule. Alcon said the acquisition brings both the approved therapy and the underlying platform capability that developed it. Strategically, the acquisition continues Alcon’s post-Novartis dealmaking to build a focused retina/cell-therapy franchise, while offering Neurotech a larger commercialization platform for a niche but high-unmet-need indication.