Company: STAA
Filing Date: 2025-09-24
Form Type: DFAN14A
Source: 0001213900-25-091197
Chunk: 33

Company: STAAR SURGICAL CO
Filing Date: 2025-09-24
Form: DFAN14A
Chunk 33
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 benchmark for judging whether the company’s
assets and prospects are being fully recognized in the offer shareholders are now being asked to support.

STAAR’s EVO ICL lens is not a marginal technology; it has become
a mission-critical component of modern refractive surgery. Its rapid uptake is reshaping the landscape, diverting increasing numbers of
medium- and high-myopia patients—especially those with thin corneas—from corneal laser procedures, including those in Alcon’s
own portfolio. This, in turn, erodes laser procedure fees and surgical pack revenue.

EVO’s position is protected by:

| ● | Its unique material and design |

| ● | Adoption in over 75 countries |

| ● | An extensive body of published clinical support |

All of these factors present critical barriers to entry for a key product
used in an elective procedure. Creating a comparable platform would require years of research, regulatory clearance, and surgeon training—leaving
Alcon’s and others’ refractive businesses increasingly vulnerable in the meantime.

For Alcon in particular, its current refractive business is under threat
from newer lasers, especially in key Asian markets. In the same public filings, Alcon notes that its premium cataract lens business in
the U.S. is under threat from new entrants. The ICL would immediately help offset this erosion in the premium channel in this high-barrier-to-entry
market. All of this makes the ICL a compelling, urgent asset for Alcon to acquire—time is more on STAAR’s side than on Alcon’s.

Alcon’s Acquisition History

In similar situations, Alcon has a history of paying robust premiums
for assets that threaten its existing market share while offering significant growth potential. In 2010, it paid approximately $744 million
for LenSx, a femtosecond laser platform that was still pre- revenue, because strategic control of that disruptive technology in the cataract
segment outweighed execution risk.

STAAR, by contrast, is a mature, cash-generating enterprise whose
EVO lens has already been commercially validated. This explains why Alcon was seriously discussing an acquisition above $50 per
share when it first approached STAAR. Unlike LenSx, this would not be a speculative bet on market adoption or unproven
science—it would be a disciplined execution play in a category with global demand and proven technology, and one of strong
overall strategic interest.

The Case for Higher Valuation

The argument for a significantly higher