Valeant to Acquire Eyetech
Valeant Pharmaceuticals announced today its agreement to acquire Eyetech, a US based ophthalmic biotechnology company. Expected to close this week, the acquisition will allow Valeant access to the knowledge Eyetech has on the treatment of sight-threatening diseases of the retina.
Eyetech is currently marketing Macugen in the US, the “first anti-VEGF inhibitor approved for the treatment of wet age-related macular degeneration.” Macugen, administered every six weeks by intravitreal injection, treats macular degeneration by binding to the vascular endothelial growth fact (VEGF). Sales of Macugen outside of the US are currently operated by Pfizer.
"This acquisition of Eyetech will fit nicely with our existing ophthalmology business, which includes a preservative free Timoptic in Ocudose and Lacrisert, products obtained through our acquisition of Aton in 2010," stated J. Michael Pearson, chairman and chief executive officer. "The ophthalmology market has similar characteristics to the dermatology space and is a natural extension of our development capabilities. We will continue to look for future opportunities to acquire additional products and gain important critical mass in this specialty space."
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The purchase price is undisclosed, but Valeant did explain that it was for an “upfront payment as well as potential future milestones that total significantly less than two times sales”.
It is clear Valeant has no plans in stopping its prescription solution growth that it has been pursuing through acquisition since 2010. Valeant has been able to become a leader in the pharmaceutical world due to its already great pharmaceutical offerings and its purchase of multiple drug companies such as iNova and Dermik.