Novartis subsidiary Alcon has signed an agreement to acquire US medical device firm Transcend Medical, for an undisclosed sum.
The deal is subject to customary closing conditions and regulatory approvals.
Transcend Medical is engaged in the development of minimally-invasive surgical devices for the treatment of glaucoma.
Transcend Medical recently developed a minimally-invasive glaucoma surgery (MIGS) device to treat patients with mild to moderate glaucoma.
The company already received CE mark approval for the device, and is waiting for the approval from the US Food and Drug Administration.
MIGS device, which will be implanted just below the surface of the eye, helps in reducing intraocular pressure (IOP) levels.
According to the company, the 500-patient study with mild-to-moderate glaucoma undergoing cataract surgery randomized to either receive the MIGS micro-stent after cataract surgery or undergo no further intervention met its primary and secondary endpoints in 2015.
Alcon CEO Mike Ball said: "We expect the MIGS technology to be a great addition to our device pipeline and to establish Alcon’s presence in this new surgical category to treat glaucoma.
"If approved, it will provide a less invasive means of lowering IOP than traditional invasive glaucoma surgery, with the goal of lowering the dependency of topical ocular medication."
With around 26 manufacturing facilities across the globe, Alcon is involved in producing surgical equipment and devices, pharmaceutical products, contact lenses and lens care products.
Image: Novartis subsidiary Alcon has acquired Transcend Medical. Photo: courtesy of stockimages / FreeDigitalPhotos.net.