Alcon Inc. (SIX/NYSE: ALC) and LENSAR Inc. (NASDAQ: LNSR) have agreed to terminate their previously announced merger agreement, according to a company statement.

The termination follows opposition from the Federal Trade Commission and an extended regulatory review process that began nearly a year ago. Alcon Chief Executive Officer David J. Endicott cited the delay and associated costs as factors that made the transaction unattractive to pursue further.

"Alcon continues to believe that the acquisition of LENSAR would have significantly enhanced FLACS innovation and competition to the benefit of surgeons and patients," Endicott stated. "However, the delay and associated costs of this extended regulatory review, which began nearly a year ago, has rendered the transaction unattractive to pursue further in light of the Federal Trade Commission's opposition."

The merger would have combined Alcon, which describes itself as a global leader in eye care, with LENSAR, a company focused on femtosecond laser-assisted cataract surgery (FLACS) technology.

Alcon operates in more than 140 countries and reports that its surgical and vision care products serve more than 260 million people annually with conditions including cataracts, glaucoma, retinal diseases and refractive errors. The company employs more than 25,000 people globally.

The information is based on a press release statement from Alcon.