“Valentine's Day massacre”: Deerfield claims that Alcon is blocking the Aurion IPO

Investment company Deerfield Management in a lawsuit on Monday allegedly This Alcon research hinders the initial public offer from Aurion Biotech in order to orchestrate a reduced takeover of the biotech.

Aurion is a medium -sized company that works for the development of new eye therapies. Both Deerfield and Alcon are investors, although the latter is a larger shareholder: Deerfield holds 34% of the outstanding Aurion shares, while Alcon has around 40.5% according to the lawsuit.

Last month Aurion Submitted for its initial public offer (IPO) – A step that Alcon was rejected.

In the complaint, submitted to the Chancellor Court of Delaware, Deerfield claimed that the Aurion board was “unanimous” when persecution of an IPO, with only Alcas representative representative against the move. “Alcon has tried to hinder the IPO because the ALCON IPO would thwart Aurion for himself with a discount,” said Deerfield.

On the evening of February 14, Alcon then led what Deerfield described as the “massacre on Valentine's Day” in order to force a deadlock of the IPO vote. On this day, the CEO Thomas Frinzi resigned “unexpectedly and without explanation” from his role “Per e -Mail”. After that “just six minutes later” Alcon replaced another board member with one of his agents, Jeannette Bankes, according to Deerfield.

If the appointment of banking is classified as valid, the Aurion board would leave this with six people – three of whom were appointed by Alcon. According to Deerfield, the IPO vote would be divided into two halves, which would lead to a deadlock.

Shortly afterwards, Thomas Hudnall, one of the proven directors of Alcon on the board of Aurion, said to CEO Greg art: “The IPO would not happen and that Alcon would only provide financing that would be suitable for Alcon,” said Deerfield.

In view of these allegations, Deerfield asks the court to keep the appointment of banking invalid and to declare the other actions of Alcon – including changes that have made it to the Aurion's statutes and the purchase of additional voting stocks from another investor.

Deerfield also asks for an accelerated court hearing. “Timing is critical,” wrote the investment company, “because [Aurion] Cash has currently been sufficient to continue the business for only a few months. “

Previously a judge ruled against Alcon in a 2024 lawsuit against Aurion to block the first plans of the Biotech for a IPO. In his complaint, Alcon said that Alcon's Aurion had to agree to go through with its IPO – an assertion that the Aurion opposed it. A court judgment last month went in favor of the Aurion and solved the way for the public offer. Alcon said that it is planning to make an appeal against the decision.