Valeant bags another company, Eyetech

14 February 2012

Acquisitive Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) says that it has agreed to acquire Eyetech, a privately-owned ophthalmic biotechnology company for an undisclosed consideration. The news comes hot on the heels of Valeant abandoning its sweetened $327 million hostile bid for US ophthalmic and allergy specialist ISTA Pharmaceuticals (The Pharma Letter January 31, 2012).

Ontario-based Valeant says it will make an upfront payment and potential future milestones that total significantly less than two times sales of Eyetech, which dedicated to the treatment of sight-threatening diseases of the retina. The transaction, which is expected to be immediately accretive, is subject to customary closing conditions and is scheduled to close this week.

Acquisition includes wet-AMD drug Macugen

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