Alcon, a provider of eye care, and Aerie Pharmaceuticals, a pharmaceutical firm concentrated on the discovery, development, manufacturing and commercialization of ophthalmic therapies, have agreed on a merger agreement in which Alcon will acquire Aerie in a deal valued at $770 million.

The deal affirms Alcon’s commitment to ophthalmic pharmaceuticals and will add broader pharmaceutical R&D offerings to Alcon’s existing commercial expertise while maximizing the value of its portfolio.

“We are excited to be joining Alcon, a recognized leader in eye care. I am so proud of the Aerie team and the innovation we’ve pioneered,” said Raj Kannan, CEO of Aerie Pharmaceuticals, Inc. “Alcon is the right strategic and financial partner to maximize the potential of Aerie’s commercial franchise and our growing portfolio of pipeline assets. Alcon’s global infrastructure, financial resources, and commercial capabilities will accelerate the standard of care by helping more patients have access to Aerie’s innovative products. I am confident that this combination with Alcon is in the best interest of patients and our shareholders.”

J.P. Morgan acted as Alcon’s financial advisor for the transaction, and Alcon’s legal advisor was Skadden, Arps, Slate, Meagher & Flom LLP. Goldman Sachs & Co. LLC acted as Aerie’s financial advisor for the transaction, and Aerie’s legal advisor was Fried, Frank, Harris, Shriver & Jacobson LLP.