Allergan to Acquire Oculeve for $125M

Allergan_LogoAllergan plc (NYSE: AGN), a Dublin, Ireland-based global pharmaceutical company, is to acquire Oculeve, a South San Francisco, CA-based development-stage medical device company focused on developing novel treatments for dry eye disease, for $125m.

The deal consists of an upfront payment and commercialization milestone payments related to Oculeve’s lead development program OD-01. The agreement also includes the acquisition of an additional earlier-stage dry eye device development program.

The acquisition of Oculeve adds complementary dry eye development programs to Allergan’s current eye care research and development programs, including OD-01, a non-invasive nasal neurostimulation device that increases tear production in patients with dry eye disease.
Oculeve has completed four clinical studies of OD-01 to date in more than 200 patients, showing positive safety and efficacy of the device. Allergan now plans to conduct two additional pivotal trials prior to FDA submission, which is expected in 2016 with potential commercial launch in 2017.

Oculeve was founded out of a multi-disciplinary collaboration with the Stanford Biodesign Center and Department of Ophthalmology at Stanford University, spun-out by Michael Ackermann, CEO, Jim Loudin, VP of Research and Development, Professor Mark Blumenkranz, who serves on the Oculeve Board of Directors, and Professor Daniel Palanker, who serves on the Scientific Advisory Board.
The company was backed by Kleiner Perkins Caufield and Byers, New Enterprise Associates and Versant Ventures.

FinSMEs

06/07/2015

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