DUBLIN, Aug. 10, 2015 /PRNewswire/ -- Allergan plc
(NYSE: AGN), a leading global pharmaceutical company, today
announced that it has completed the acquisition of Oculeve, a
development-stage medical device company focused on developing
novel treatments for dry eye disease. Under the terms of the
agreement, Allergan acquired Oculeve for a $125 million upfront payment and
commercialization milestone payments related to Oculeve's lead
development program, OD-01. The agreement also includes the
acquisition of an additional earlier-stage dry eye device
development program.
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"The acquisition of Oculeve further enhances Allergan's
world-class position in eye care and underscores our commitment to
continuing to develop a broad range of treatment options for
patients with eye conditions," said Brent
Saunders, CEO and President of Allergan. "Dry eye is
currently an underserved condition, with many patients not
receiving adequate treatment from over-the-counter options.
Allergan is committed to expanding our product offerings in this
category, and the development of OD-01, an intranasal
neurostimulation device, is complementary to our market-leading dry
eye treatment, Restasis®, as well as other dry eye
products in development within our pipeline."
The acquisition of Oculeve adds novel, complementary dry eye
development programs to Allergan's current eye care research and
development programs, including OD-01, a non-invasive nasal
neurostimulation device that increases tear production in patients
with dry eye disease. Oculeve has completed four clinical studies
of OD-01 to date in more than 200 patients, showing positive safety
and efficacy of the device. Allergan plans to conduct two
additional pivotal trials prior to FDA submission, which is
expected in 2016 with potential commercial launch in 2017.
Chronic dry eye is a disease that can be caused by advanced age,
contact lens wear, certain medications, eye diseases, other medical
conditions or environmental factors. One type of chronic dry eye is
caused by decreased tear production due to inflammation. Without
enough tears, the film protecting the eye can break down, creating
dry spots on the cornea. Chronic dry eye is estimated to affect 25
million patients in the U.S.i
About Allergan
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a unique, global
pharmaceutical company and a leader in a new industry model –
Growth Pharma. Allergan is focused on developing,
manufacturing and commercializing innovative branded
pharmaceuticals, high-quality generic and over-the-counter
medicines and biologic products for patients around the world.
Allergan markets a portfolio of best-in-class products that
provide valuable treatments for the central nervous system, eye
care, medical aesthetics, gastroenterology, women's health,
urology, cardiovascular and anti-infective therapeutic categories,
and operates the world's third-largest global generics business,
providing patients around the globe with increased access to
affordable, high-quality medicines. Allergan is an industry leader
in research and development, with one of the broadest development
pipelines in the pharmaceutical industry and a leading position in
the submission of generic product applications globally.
With commercial operations in approximately 100 countries,
Allergan is committed to working with physicians, healthcare
providers and patients to deliver innovative and meaningful
treatments that help people around the world live longer, healthier
lives.
For more information, visit Allergan's website at
www.allergan.com.
Forward-Looking Statement
Statements contained in this press release that refer to future
events or other non-historical facts are forward-looking statements
that reflect Allergan's current perspective of existing trends and
information as of the date of this release. Except as expressly
required by law, Allergan disclaims any intent or obligation to
update these forward-looking statements. Actual results may differ
materially from Allergan's current expectations depending upon a
number of factors affecting Allergan's business. These factors
include, among others, the risks associated with acquisition
transactions; the difficulty of predicting the timing or outcome of
FDA approvals or actions, if any; the impact of competitive
products and pricing; market acceptance of and continued demand for
Allergan's products; difficulties or delays in manufacturing; and
other risks and uncertainties detailed in Allergan's periodic
public filings with the Securities and Exchange Commission,
including but not limited to Allergan's Quarterly Report on Form
10-Q for the quarter ended June 30,
2015 (such periodic public filings having been filed under
the "Actavis plc" name) and from time to time in Allergan's other
investor communications . Except as expressly required by law,
Allergan disclaims any intent or obligation to update these
forward-looking statements.
i Market Scope®, 2011 Report on the Global Market for
Dry Eye Products; 2011, 1-148.
CONTACTS:
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Allergan:
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Investors:
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Lisa
DeFrancesco
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(862)
261-7152
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Media:
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Mark
Marmur
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(862)
261-7558
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SOURCE Allergan plc