Allergan has completed the acquisition of US-based development-stage medical device firm Oculeve, for $125m.
Based in South San Francisco of California, Oculeve develops new technologies for dry eye disease.
The deal was first announced by both firms in July this year. As part of the deal, Allergan has paid $125m upfront payment and commercialization milestone payments related to Oculeve’s lead development program, OD-01.
OD-01 is a non-invasive nasal neurostimulation device, which is being developed to increase tear production in patients with dry eye disease.
The deal also includes the acquisition of an additional earlier-stage dry eye device development program.
Allergan CEO and president Brent Saunders 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."
Oculeve currently completed four clinical studies of OD-01 in around 200 patients that showed positive safety and efficacy of the device.
Allergan is planning for two additional pivotal trials prior to FDA submission, which is expected in 2016 with potential commercial launch in 2017.
Image: Allergan has completed the acquisition of development-stage medical device firm Oculeve. Photo: courtesy of stockimages/ FreeDigitalPhotos.net.