Sun Pharma To Acquire Ocular TechnologiesBy
Sun Pharmaceutical Industries, a Mumbai, India-headquartered pharmaceutical company, has agreed to acquire Ocular Technologies Sarl, a wholly owned subsidiary of Auven Therapeutics, a private-equity firm with operations in Lausanne, Switzerland, Fort Lauderdale, New Jersey, Bermuda, and the US Virgin Islands. The acquisition gives Sun Pharma all rights to Seciera, a nanomicellar formulation of cyclosporine, a drug for treating dry-eye disease.
Under the agreement, Sun Pharma will acquire 100% of Ocular Technologies Sarl through which all Seciera rights are held, and thereby, the exclusive, worldwide rights to Seciera. Auven will receive an upfront payment of $40 million plus substantial contingent development and sales milestones. Auven will also receive tiered royalties on global sales of Seciera. The transaction is expected to close before year-end 2016, subject to closing conditions.
Source: Auven Therapeutics and Sun Pharmaceutical Industries