Eye care company Alcon has agreed to acquire US-based eye disease technologies provider Ivantis for an upfront consideration of $475m.

Ivantis is involved in the designing, development and commercialisation of new technologies for the treatment of eye disease.

The company is the developer and manufacturer of a minimally-invasive glaucoma surgery (MIGS) device called Hydrus Microstent.

The next-generation MIGS device has been developed to lower intraocular pressure for open-angle glaucoma patients in connection with cataract surgery.

Hydrus Microstent’s five-year HORIZON clinical study is said to be the longest and continuous follow-up of a MIGS device.

The trial shown that 65% of Hydrus Microstent patients continued to be medication-free at five years post-implant, stated the company.

Alcon CEO David Endicott said: “Glaucoma is the second-largest cause of blindness after cataracts, impacting more than 75 million people globally, with significant unmet patient need. This transaction will allow us to add a uniquely effective product into our glaucoma portfolio around the world.”

“Our global commercial footprint and development capabilities make us well positioned to build on the success of Ivantis and help even more patients see brilliantly with Hydrus Microstent.”

The acquisition of Ivantis will enable Alcon to expand its portfolio across cataract, refractive, retina and glaucoma, in addition to leveraging the firm’s commercial execution expertise.

In August 2018, Hydrus Microstent secured approval from the US Food and Drug Administration (FDA) for use along with cataract surgery in the US.

The device is also designated for primary open-angle glaucoma along with cataract surgery or as a stand-alone procedure in the UK, Canada, Australia, Singapore, and Germany.

Hydrus Microstent enables to minimise eye pressure by reestablishing flow through Schlemm’s canal, the eye’s natural outflow pathway.

It allows to restore the flow of fluid in the eye when placed in the canal during minimally invasive microsurgery.

Applying a Tri-Modal mechanism of action, the Hydrus Microstent dilates and scaffolds Schlemm’s canal to enhance outflow of aqueous humor from the anterior chamber.

Subject to customary closing conditions including regulatory approval, the deal is expected to be completed in the first quarter of next year.