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The eye giant Alcon has launched an unlikely legal battle, suing a cell therapy startup that it invested in and claiming its shareholder rights are being violated as Aurion Biotech prepares to go public. Aurion filed its own counterclaim, saying that Alcon “opposes the IPO because it interferes with Alcon’s plans to acquire Aurion at a discount.” Both companies filed suit last week in Delaware. The dueling suits are an unusual escalation of a boardroom fracture, given two Alcon executives sit on Aurion’s board. The stakes could be existential for Aurion since its cash runway extends only to March, putting urgency in its plan to go public in January, the company stated in its filing. The Seattle-based biotech is developing a cell therapy to treat an eye condition that can lead to blindness, and it launched a Phase 1/2 study in the US earlier this year. The therapy was approved in Japan last year under the brand name Vyznova. Back in 2022, Aurion raised a $120 million Series C round that brought in Alcon as a key strategic investor. Alcon holds slightly over 40% of its Series C stock, according to Aurion’s filing. The two companies first began discussing a potential acquisition in late 2022, but negotiations stalled by early 2024. Alcon claims Aurion has pursued “ill-advised financing transactions” and disregarded its investor rights. The $40 billion ophthalmology giant, which was spun out of Novartis in 2019, is seeking to regain certain voting rights and obtain a ruling that Aurion needs Alcon’s OK to increase the number of shares, which would be part of an IPO. Aurion’s countersuit provided many details that have not been publicly disclosed about its business. That includes Aurion forming a special committee in early 2023 to explore a possible company sale. The filing also states that the committee received “multiple non-binding indications of interest for an acquisition, including from Alcon.” That process ultimately stalled, leading Aurion to firm up its IPO plans over this summer. By late August, Aurion had identified JPMorgan Chase to underwrite the offering, and the company confidentially filed its registration statement to the SEC on Oct. 18, with plans to go public in January. In a statement to Endpoints News , Aurion called Alcon’s claims “meritless, irresponsible, self-interested and based on a fundamental misrepresentation of their contractual rights and responsibilities.” Aurion also provided a statement from Deerfield Management, which invested in its Series C round: “After fielding significant external interest, Aurion’s Board recommended that the company pursue an IPO. Alcon is attempting to block this logical path forward after Aurion rejected multiple inadequate bids from Alcon,” the investment firm said. “Aurion’s management and investors fail to see how Alcon’s actions today will benefit patients, investors, or its own reputation as a partner in advancing novel technologies.” Alcon said it will not comment on ongoing litigation. The case now awaits a hearing date.

SEATTLE & CAMBRIDGE, Mass. & TOKYO--( BUSINESS WIRE )-- Aurion Biotech, whose mission is to restore vision to millions of patients with life-changing regenerative therapies, today announced that it will present clinical data on its allogeneic cell therapy drug candidate, AURN001, at the 42 nd Congress of the European Society of Cataract and Refractive Surgeons (ESCRS 2024) to be held September 6-10, 2024 in Barcelona, Spain. Aurion Biotech also will present and participate in several panel discussions during the Ophthalmology Futures European Forum , which takes place September 5 th in Barcelona. “We are thrilled to share clinical findings, as well as clinical and business milestones in multiple sessions at ESCRS and the Ophthalmology Futures European Forum,” said Dr. Michael Goldstein, president and chief medical Officer. “In particular, we believe that efficacy and safety data from the Escalón clinical trial provide additional insights into how our combination drug candidate may have a positive impact on the lives of patients suffering from corneal endothelial dysfunction.” The schedule of presentations is as follows: Ophthalmology Futures European Forum Will Novel Dry Eye Therapies Really Make a Difference? Thursday, September 5, 2024 1:15 p.m. – 1:45 p.m. CET The Esferic, Barcelona Panelist: Michael Goldstein, MD, MBA, President and Chief Medical Officer Cell, Gene and other Novel Corneal Therapies: Outlook for the Second Quarter of the 21 st Century Thursday, September 5, 2024 1:45 p.m. – 2:15 p.m. CET The Esferic, Barcelona Panelist: Greg Kunst, Chief Executive Officer Transformational Cell Therapy for Corneal Endothelial Disease Thursday, September 5, 2024 2:30 p.m. – 3:15 p.m. CET The Esferic, Barcelona Presenter: Greg Kunst, Chief Executive Officer Patient- vs. Provider-Centric Biotech & MedTech Innovation Thursday, September 5, 2024 6:45 p.m. – 7:15 p.m. CET The Esferic, Barcelona Panelist: Eris Jordan, OD, Vice President, Global Clinical & Medical Affairs ESCRS iNovation Day Transformational Cell Therapy for Corneal Endothelial Disease Friday, September 6, 2024 11:26 a.m. – 12:23 p.m. CET Fira Gran Via, Barcelona Presenter: Greg Kunst, Chief Executive Officer ESCRS Human Corneal Endothelial Cell Transplantation Combined with Cataract Extraction and PCIOL in Subject with Corneal Edema Sunday September 8, 2024 1:15 p.m. – 1:45 p.m. CET Pod 1 (between Exhibition Halls), Fira Gran Via, Barcelona Presenter: Michael Goldstein, MD, MBA, President and Chief Medical Officer Escalón: 12-Month Safety and Efficacy Clinical Trial of Human Corneal Endothelial Cell Therapy for Corneal Edema Secondary to Endothelial Dysfunction Monday, September 9, 2024 5:30 p.m. – 5:36 p.m. CET Free paper podium 2, Fira Gran Via, Barcelona Presenter: Michael Goldstein, MD, MBA, President and Chief Medical Officer Consistency of Outcomes with Injectable Human Corneal Endothelial Cell Therapy Across Multiple Clinical Trials Monday, September 9, 2024 5:36 p.m. – 5:42 p.m. CET Free paper podium 2, Fira Gran Via, Barcelona Presenter: Eris Jordan, OD, Vice President, Global Clinical & Medical Affairs Aurion Biotech’s drug candidate, AURN001, recently received both Breakthrough Therapy Designation and Regenerative Medicine Advanced Therapy Designation from the U.S. Food and Drug Administration for the treatment of corneal edema secondary to corneal endothelial disease. In Japan, Aurion has received both regulatory and reimbursement approval for the treatment of bullous keratopathy, marking the first-ever approval in the world for an allogeneic cell therapy to treat corneal endothelial disease. About Aurion Biotech Aurion Biotech is a clinical-stage biotech company, whose mission is to restore vision to millions of patients with life-changing regenerative therapies. It received the prestigious Prix Galien award for best start-up in biotech in 2022. Its first product candidate is for the treatment of corneal edema secondary to corneal endothelial disease, and the first clinically validated cell therapy for corneal care, having received regulatory and reimbursement approval in Japan. The Company has completed enrollment and dosing of its Phase 1 / 2 clinical trial in the U.S. and Canada. Privately held, Aurion Biotech is backed by Deerfield, Alcon, Petrichor, Flying L Partners, Falcon Vision / KKR, and Visionary Ventures. To learn more, visit www.aurionbiotech.com .