Valeant Pharmaceuticals acquires Eyetech

Mississauga, Ontario-Valeant Pharmaceuticals International Inc. has agreed to acquire Eyetech Inc., a privately owned ophthalmic biotechnology company specializing in treatments for retinal diseases.

Eyetech markets and sells pegaptanib sodium injection (Macugen) in the United States. Pegaptanib is the first anti-vascular endothelial growth factor inhibitor approved for the treatment of neovascular (wet) age-related macular degeneration. Pfizer Inc. markets and sells pegaptanib sodium injection outside of the United States.

Valeant acquired Eyetech for an upfront payment and potential future milestones that total significantly less than two times sales, according to Valeant. The transaction, which is subject to customary closing conditions, is expected to close this week.

“This acquisition of Eyetech will fit nicely with our existing ophthalmology business, which includes . . . products obtained through our acquisition of Aton in 2010,” said J. Michael Pearson, chairman and chief executive officer, Valeant Pharmaceuticals. “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.”

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