Belkin Vision and the EIC Accelerator: Glaucoma Laser Bought by Alcon
Glaucoma damages the optic nerve, usually because pressure in the eye is too high, and selective laser trabeculoplasty is one way to lower it. Belkin Vision, a company in Yavne, Israel, built a device for what it called direct selective laser trabeculoplasty, or DSLT, promising "accessible glaucoma care in seconds".
The European Innovation Council granted €2,500,000 towards a €6.59 million one-year project, EyeAccess, during which the device won its CE mark in May 2022. On 1 July 2024 the eye care group Alcon acquired 100% of Belkin Vision, for total consideration of $92 million, with up to $385 million more if sales targets are met.
Company file
- Legal entity
- Belkin Vision Ltd. (listed by the EIC as Belkin Laser), Yavne, Israel
- Technology
- Direct selective laser trabeculoplasty (DSLT) for glaucoma
- Regulatory
- CE mark May 2022
- Clinical
- First-in-human data 2022; European GLAUrious trial
- Owner
- Alcon, since 1 July 2024
- Deal
- $92M consideration incl. $20M prior Alcon stake; up to $385M milestones
- EIC project
- EyeAccess, 1 Jan 2022 to 31 Dec 2022, closed
- EIC funding
- Blended finance
Where Belkin Vision Stands Today
Belkin Vision is part of Alcon. Alcon's filing says the deal "complements Alcon's existing Surgical portfolio in the treatment of glaucoma". The total consideration of $92 million included $20 million of Alcon's own earlier investment in Belkin; cash paid at closing, net of cash acquired, was $61 million. Up to $385 million more is payable "if annual sales exceed defined targets within defined periods after closing", and Alcon valued that contingent consideration at $6 million at the acquisition date.
The exit
What Alcon paid for Belkin Vision
Total purchase consideration including Alcon's earlier $20M stake, cash paid at closing net of cash acquired, and the maximum further milestone payments if sales targets are met.
Alcon, interim financial report for Q3 2024 (SEC Form 6-K). US$ millions.
The Technology: Laser Treatment Without Touching the Eye
Belkin's approach, as its name says, applies selective laser trabeculoplasty directly, with treatment taking seconds, according to the project title. Alcon valued the "currently marketed products" acquired with Belkin at $75 million in its purchase price allocation.
"Direct Selective Laser Trabeculoplasty (DSLT): Accessible glaucoma care in seconds."
EyeAccess project title, CORDISWhat the EIC Project Promised, and What CORDIS Shows
The EIC project
The EU paid 38% of a €6.59M project
EyeAccess ran for one year, January to December 2022. The award was blended finance.
CORDIS project 190133662. Values in € millions.
According to the CORDIS report, the device obtained its CE mark in May 2022, "enabling first commercial sale in Germany", first-in-human data were published and the European GLAUrious trial concluded, and a controlled launch at ten ophthalmic centres was prepared for 2023. The report said the US FDA submission had been postponed to January 2023. It gives no patient or unit numbers.
- CE markDeliveredMay 2022.
- First salesDeliveredFirst sale in Germany.
- European clinical trialDeliveredGLAUrious concluded.
- A strategic ownerDeliveredAlcon, July 2024.
What Has Happened Since the Award
The record
From CE mark to Alcon in two years
Belkin Vision won its CE mark during its one-year EIC project and was bought by Alcon in July 2024.
- Oct 2021EIC Accelerator cut-offEyeAccess: direct selective laser trabeculoplasty for glaucoma
- Jan 2022EIC project startsCE marking, trials, launch preparation€2.50M grant
- May 2022CE markFirst commercial sale in Germany
- Dec 2022EIC project endsGLAUrious trial concluded; FDA submission planned for 2023
- Jul 2024AcquiredAlcon buys 100% for $92M considerationAlcon
CORDIS and Alcon SEC filings.
The Money
The award was blended finance; we found no EIC Fund investment. Alcon was an earlier investor, holding a stake valued at $20 million before it bought the rest. Whether the EIC took equity, and what it received in the sale, is not public.
What cannot be checked
How many devices have been sold, whether FDA clearance was obtained before the sale, whether any milestone payments have been triggered and whether the EIC held equity are not public from the sources we used.
Why Europe Should Care
The EIC funded a year of work that took an Israeli device to CE marking and its first sale in Germany. Two years later a global eye care group bought it; the EIC's role in the sale is not public. The product's European future now depends on Alcon's plans, which it has not detailed publicly.
What the project promised
Accessible glaucoma laser treatment in seconds, ready for the market.
What the record shows
CE mark and first sales in 2022, then a $92M acquisition by Alcon with up to $385M in milestones.
The Verdict
Delivered, then sold
According to CORDIS, EyeAccess got the device certified and on sale. The sale to Alcon is the main public sign of commercial interest. The large milestone payments show how much of the deal's value still depends on future sales.
Belkin Vision and Alcon have not been asked for comment for this article. It is based entirely on EU project data and Alcon's SEC filings, linked throughout.
Industry
HealthMedical devices
- Focus
- Ophthalmic devices
- Technologies
- Lasers
- Keywords
- Glaucoma
- Selective laser trabeculoplasty
- Eye pressure
- Ophthalmology