Allergan (NYSE: AGN) last week said it agreed to pay $300 million plus milestones to acquire AqueSys and its Xen soft glaucoma stent in an all-cash deal.
The device made by Aliso Viejo, Calif.-based AqueSys is designed to treat glaucoma by shunting intra-ocular fluid from the anterior chamber of the eye into the sub-conjunctival space. The company raised a $43.6 million Series D funding round and closed enrollment in U.S. clinical trial of the Xen Gel stent in January 2014.
“The acquisition of AqueSys and its Xen45 program builds on Allergan’s deep and long-standing commitment to innovation in eye care,” Allergan president & CEO Brent Saunders said in prepared remarks. “Our eye care team has a strong track record of introducing novel treatments for patients with glaucoma. The acquisition of the Xen45 device demonstrates our commitment to alternative next-generation glaucoma treatments which are appealing to both patients and physicians and extend beyond conventional medication eyedrops.”
The Xen45 device has CE Mark approval in the European Union and is in late-stage development in the U.S., with approval expected by late 2016 or early 2017, the companies said.
“With its pedigree in the eye care space, its deep commercial network in eye care professional communities, and its commitment to being a leading provider of treatments for glaucoma, Allergan was a natural fit and a compelling partner for us to maximize the potential for the XEN45 technology platform,” AqueSys CEO Ron Bache said. “The addition of the Xen45 technology to Allergan’s world-class eye care development and commercialization organization will propel the potential use of this best-in-class technology by global ophthalmologists and the patients that they treat.”
The deal is expected to close during the 4th quarter, the companies said.