MISSISSAUGA, Ontario — Valeant Pharmaceuticals is set to acquire a privately owned ophthalmic biotechnology company, the drug maker said Monday.
Valeant said it will acquire Eyetech upfront payment and potential future milestones. The transaction, which is subject to customary closing conditions, is expected to close this week. Additional details were not disclosed.
"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," Valeant chairman and CEO J. Michael Pearson said. "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."