logo
Share SHARE
FONT-SIZE Plus   Neg

Valeant Pharmaceuticals Agrees To Buy Ophthalmic Biotechnology Company EyeTech

Specialty pharmaceutical company Valeant Pharmaceutical International Inc (VRX,VRX.TO) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Apparel retailer Guess? Inc. (GES) on Wednesday reported an increase in profit for the second quarter, despite lower-than-expected revenues reflecting a one-time gain. Earnings for the quarter easily trumped Wall Street estimates, sending the company's stock up over 14 percent in extended hours. Guess'... HP Inc. (HPQ) on Wednesday reported a drop in profit for the third quarter hurt largely by a 4 percent drop in revenues as the company continues to struggle with weak demand for printers. Shares of the computer and printer maker slipped 5 percent in extended session after it detailed a weak fourth quarter... LoopUp Group, a UK-based startup that provides software technology for conference calls and remote meetings, on Wednesday became the first technology company to float shares on the London Stock Exchange since Britain's decision to leave the European Union. LoopUP raised £8.5 million by selling shares...
comments powered by Disqus
Follow RTT