Allergan plc, a global pharmaceutical company, on Monday announced it has completed the acquisition of Oculeve, a development-stage medical device company focused on developing novel treatments for dry eye disease.
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Allergan acquires development-stage medical device company
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"The acquisition of Oculeve further enhances Allergan's world-class position in eye care and underscores our commitment to continuing to develop a broad range of treatment options for patients with eye conditions," Brent Saunders, CEO and president of Allergan, said. "Dry eye is currently an underserved condition, with many patients not receiving adequate treatment from over-the-counter options. Allergan is committed to expanding our product offerings in this category, and the development of OD-01, an intranasal neurostimulation device, is complementary to our market-leading dry eye treatment, Restasis, as well as other dry eye products in development within our pipeline."
Under the terms of the agreement, Allergan acquired Oculeve for a $125 million upfront payment and commercialization milestone payments related to Oculeve's lead development program, OD-01. The agreement also included the acquisition of an additional earlier-stage dry eye device development program.
Chronic dry eye is a disease caused by advanced age, contact lens wear, certain medications, eye diseases, other medical conditions or environmental factors. One type of chronic dry eye is caused by decreased tear production due to inflammation. Without enough tears, the film protecting the eye can break down, creating dry spots on the cornea. Chronic dry eye affects approximately 25 million patient in the United States.
Allergan is a global, technology-driven multi-specialty health care company pursuing therapeutic advances to help patients live life to their fullest potential.
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