Why Aerie Pharmaceuticals (AERI) Shares Are Jumping Today - Alcon (NYSE:ALC)

Alcon AG ALC has agreed to acquire Aerie Pharmaceuticals Inc AERI for $15.25 per share, valuing Aerie at about $770 million.
The purchase price represented a premium of 37% to Aerie's last closing price as Alcon looks to bolster its pipeline of ophthalmic treatments.
The deal will add Aerie's Rocklatan and Rhopressa eye drops and a pipeline of many clinical and preclinical ophthalmic pharma product candidates to Alcon's portfolio.
"Aerie is a natural fit with on-market and pipeline products and R&D capabilities that offer the infrastructure needed to expand our ophthalmic pharmaceutical presence," said Alcon CEO David Endicott
Alcon expects the deal to be accretive to its core EPS in 2024 and close in the fourth quarter.
Alcon ended the first half of 2022 with a cash position of $1 billion.
In May, Alcon acquired Eysuvis pharmaceutical eye drops from Kala Pharmaceuticals Inc KALA for $60 million upfront.
In November last year, Alcon acquired U.S. eye-surgery company Ivantis for an initial consideration of $475 million.
Price Action: AERI stock is up 33.99% at $14.94, and ALC shares are up 1.21% at $68.76 during the premarket session on the last check Tuesday.