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Valeant Pharmaceuticals Agrees To Buy Ophthalmic Biotechnology Company EyeTech

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2/13/2012 8:20 AM ET

Specialty pharmaceutical company Valeant Pharmaceutical International Inc (VRX: Quote,VRX.TO: Quote) Monday announced that it has agreed to acquire Eyetech Inc., a privately-owned ophthalmic biotechnology company dedicated to the treatment of sight-threatening diseases of the retina, for an upfront payment and potential future milestones that total significantly less than two times sales.

Valeant stated that the transaction, which is subject to customary closing conditions, is expected to close this week. The transaction is expected to be immediately accretive.

Eyetech currently markets Macugen in the United States, the first anti-VEGF inhibitor approved for the treatment of wet age-related macular degeneration.

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