Pharmaceutical company Allergan (in Dublin) agreed to buy the private company AqueSys for $300 million to seize the opportunity to apply implant shunt technology to eye care. Allergan said the acquisition will also pay a milestone for the management and commercialization of Aquesys' leading XEN45 equipment. The XEN45 soft shunt is implanted into the lower part of the conjunctiva through a disposable prefilled syringe. Allergan intends to complete the acquisition in the fourth quarter.
Shares of Allergan climbed slightly in early trading on Friday, but have fallen to $299.58. Compared with the three-month average of 2,278,840 shares, the stock has fallen by 1.24% in the relatively stable trading volume of 1,724,315 shares.
Allergan CEO Brent Saunders said the acquisition showed Allergan's interest in replacing a new generation of glaucoma-reducing medical devices with traditional eye drops.
XEN45 technology is designed to promote the reduction of intraocular pressure (IOP) by aqueous fluids and to prevent the appearance of low intraocular pressure. The procedure is performed by an ophthalmologist.
The XEN45 has the European CE mark, which indicates that patients with traditional medical device failure can use the method of primary open angle glaucoma to reduce low intraocular pressure. CE markers allow for cataract surgery or as a stand-alone procedure. The equipment was also approved in Turkey, Canada and Switzerland, and Aquesys required reimbursement from these countries. In the United States, XEN45 entered the late stage of research and development, and the final clinical laboratory equipment tax exemption review was completed in the second quarter. The company said it expects to get an official license in late 2016 or early 2017.
David Nicholson, executive vice president and president of Allergan, said, "The XEN45 program has small side effects and significant efficacy. If approved by the US, it will provide patients with exciting new treatment options, which is also highly relevant to our ongoing portfolio and development projects in this area. Complementary."
Aquesys CEO Ron Bache said that Allergan is a “natural health partner†and “an irresistible partner†that will maximise the development of the XEN45 platform.
Allergan's decision in late July was unexpected. The company agreed to sell its global generics business of $40.5 billion to Teva (Teva, Israel), and the deal is expected to realign its funding structure and focus on branded pharmaceuticals. Allergan will receive $33.75 billion in cash and $6.75 billion in Teva's shares, increasing the company's budget for large and small deals.
Teva’s news about the Allergan M&A program sparked curiosity in the investment community. During the second quarter earnings call on August 6th, many analysts said they had collected a lot of investors about Allergan's potential acquisition targets.
Sanders confirmed that the company wants to use the value chain of cash “transformation transactionsâ€. This may be after the completion of the Teva acquisition in the first quarter of 2016. He also said that before that Allergan will discuss the potential acquisition targets.
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