Alcon agreed to acquire Neurotech Pharmaceuticals for $550 million to expand its surgical retina portfolio with Encelto, an encapsulated allogeneic cell therapy delivering rhCNTF for macular telangiectasia type 2 (MacTel). The FDA approved Encelto in March 2025 under a BLA with priority review and Orphan Drug designation, positioning Encelto as an on-market asset with defined clinical use. For Alcon, the deal continues its post–Novartis separation acquisition run and signals a clear shift toward advanced, therapy-based retina platforms rather than solely devices or pharmaceuticals. Neurotech’s CEO framed the transaction as a path to broader access through Alcon’s commercial scale. The deal also highlights how gene- and cell-based eye therapies are consolidating in larger ophthalmology players, with milestone-driven financial upside layered on top of meaningful upfront consideration.