Alcon moved further into cell therapy with a $550 million acquisition of Neurotech Pharmaceuticals, expanding its neurotech and surgical retina capabilities. The deal includes access to Encelto, an encapsulated allogeneic retinal pigment epithelium cell therapy that releases rhCNTF for patients with macular telangiectasia type 2 (MacTel), which the FDA approved under a BLA in March 2025. With the acquisition, Alcon positions Encelto for broader patient access using its global scale and commercial infrastructure. Neurotech’s technology platform that enabled Encelto also transfers into Alcon’s pipeline strategy. For the sector, the transaction signals growing willingness among established ophthalmic players to fund and commercialize cell-based therapies, especially those that are delivered via controlled surgical implantation rather than systemic infusion. The next phase is integration and scaling—how quickly Encelto’s supply and surgeon training can expand to match demand across geographies.