Alcon announced this week that it has reached a definitive merger agreement to purchase Aerie Pharmaceuticals for approximately $770 million in equity value.

Alcon added that the deal is expected to accretive to the company’s core diluted earnings per share in 2024.

The eye care company seeks to bolster its ophthalmic pharmaceutical portfolio with the acquisition of Aerie. Alcon will add several commercial products through the deal, including Rocklatan, Rhopressa and AR-15512, a Phase III candidate for dry eye disease.

Alcon previously made moves in the eye care space by recently acquiring the U.S. commercialization rights to Simbrinza from Novartis both Eysuvis and Inveltys from Kala Pharmaceuticals.

The deal, which was agreed to by the board of directors for each company, is subject to customary regulatory approval. The companies stated that the deal is expected to close in Q4 2022.

“We have a 75-year history focused specifically on the eye and bring established expertise in development and commercial execution,” Alcon CEO David Endicott said in a statement. “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.”