logo
Share SHARE
FONT-SIZE Plus   Neg

Valeant Pharmaceuticals Agrees To Buy Ophthalmic Biotechnology Company EyeTech

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
American Airlines Group said pilots at its subsidiaries American Airlines and US Airways, represented by Allied Pilots Association, have approved a new five-year contract which provides immediate pay raises of 23 percent and subsequent annual raises of three percent for the next five years. LEGO Group, TT Games and Warner Bros. Interactive Entertainment have announced their 2015 slate of video games, including LEGO Jurassic World, LEGO Marvel's Avengers, and as well as new hand-held and mobile titles. Social-networking giant Facebook, Inc. is said to be testing their new 'Place Tips' feature for iOS users that will rival a similar service being provided by Yelp or Foursquare. The feature will provide the user relevant content about their location as long as they are there through pop ups on their news feed page of Facebook.
comments powered by Disqus
Follow RTT