Alcon agreed to acquire Neurotech Pharma for $550 million, expanding the Swiss ophthalmic company’s cell therapy ambitions. The deal includes Encelto, an encapsulated cell therapy for MacTel (macular telangiectasia type 2), as well as the platform technology used to develop the therapy. Encelto is an allogeneic retinal pigment epithelium cell product engineered to release recombinant human ciliary neurotrophic factor (rhCNTF). The FDA approved Encelto in March 2025 under a Biologics License Application, after priority review and orphan drug designation, giving Alcon an already-regulatory-backed cell therapy footprint in retina. Deal terms also connect to Alcon’s prior investment pattern: the company has been building a cell and gene-adjacent portfolio since separating from Novartis and has made multiple acquisitions of ophthalmology assets in recent years. Neurotech’s leadership positioned the combination of its R&D and Alcon’s commercial scale as key to expanding patient access. For the sector, the acquisition underlines how vision-focused specialty pharma is pursuing near-commercial cell therapies to diversify beyond small-molecule and conventional biologics, while consolidating manufacturing, distribution and physician adoption muscle under a single operator.