Allergan Completes Acquisition of Oculeve
Allergan has completed its previously announced acquisition of Oculeve, a development-stage medical device company focused on developing treatments for dry eye disease. 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 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 plans to conduct two additional pivotal trials prior to submission to the US Food and Drug Administration, which is expected in 2016 with potential commercial launch in 2017.