Valeant to acquire Macugen anti-VEGF inhibitor maker Eyetech Inc

Canada's specialty pharmaceutical company, Valeant Pharmaceuticals International Inc yesterday said that it will acquire Eyetech Inc, in order to expand its presence in the ophthalmology business.

Valeant, based in Mississauga, Ontario did not disclose the size of the deal but said that the transaction included an unspecified upfront payment and possible future milestones totalling significantly less than twice of Eyetech's sales.

Florida-based Eyetech is a privately-owned ophthalmic biotechnology company dedicated to the treatment of sight-threatening diseases of the retina.

It currently markets Macugen in the US, while Pfizer markets and sells it outside of the US.  Macugen is the first anti-VEGF inhibitor approved for the treatment of wet age-related macular degeneration.

"This acquisition of Eyetech will fit nicely with our existing ophthalmology business, which includes a preservative free Timoptic in Ocudose and Lacrisert, products obtained through our acquisition of Aton in 2010," said Michael Pearson, chairman and CEO of Valeant.

"The ophthalmology market has similar characteristics to the dermatology space and is a natural extension of our development capabilities. We will continue to look for future opportunities to acquire additional products and gain important critical mass in this specialty space," he added.