Valeant Pharma (VRX) Buys Eyetech
Up)
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) announced today that Valeant 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.
Eyetech currently markets Macugen® in the United States, the first anti-VEGF inhibitor approved for the treatment of wet age-related macular degeneration (AMD).
The transaction is expected to be immediately accretive. The transaction, which is subject to customary closing conditions, is expected to close this week.
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Eyetech currently markets Macugen® in the United States, the first anti-VEGF inhibitor approved for the treatment of wet age-related macular degeneration (AMD).
The transaction is expected to be immediately accretive. The transaction, which is subject to customary closing conditions, is expected to close this week.
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