Alcon AG agreed to buy STAAR Surgical Company for about $1.5 billion in cash, offering $28 a share for the U.S. maker of implantable vision-correction lenses. The price represents a 51% premium to STAAR’s 4 August closing level and roughly a 59% premium to its 90-day volume-weighted average price. The Swiss eye-care group said the acquisition will add STAAR’s EVO family of Implantable Collamer Lenses, broadening Alcon’s surgical options for treating moderate to high myopia. Alcon Chief Executive Officer David Endicott called the lenses a “leading surgical vision-correction solution,” noting that global prevalence of high myopia is expected to keep rising. Boards of both companies have unanimously approved the transaction, which is expected to close within six to 12 months, subject to STAAR shareholder and regulatory approvals. Alcon plans to fund the purchase with a mix of short- and long-term credit facilities and expects the deal to be accretive to earnings in its second year.