Ireland-based Allergan has completed the acquisition of clinical-stage medical device firm AqueSys, for $300m.
Based in Southern California, AqueSys is involved in developing ocular implants, which reduce intraocular pressure (IOP) associated with glaucoma.
Under the deal, AqueSys will receive potential regulatory approval and commercialization milestone payments from Allergan for its development product XEN45, a soft shunt used in minimally invasive glaucoma surgeries (MIGs).
XEN45 is implanted in the anterior chamber of the eye through a minimally invasive procedure with a single-use and pre-loaded injector.
The XEN45 technology enhances aqueous fluid flow to reduce IOP, while protecting against the potential for hypotony, which is associated with current subconjunctival procedures.
AqueSys obtained CE mark approval for XEN45 in the European Union to reduce intraocular pressure in patients with primary open angle glaucoma where previous medical treatments have failed. It is also approved in Turkey, Canada and Switzerland.
The product is in late-stage development in the US, where the firm completed enrollment of patients under investigational device exemption (IDE) clinical trial in the second quarter of this year.
The firm is expecting 510(k) approval from the US Food and Drug Administration by the end of 2016 or early 2017.
Allergan president and CEO Brent Saunders said: "The acquisition of AqueSys and XEN45 is highly complementary to our leadership position in eye care and underscores our commitment to develop and commercialize treatments that advance care and add value for ophthalmologists and their patients."
"The XEN45 device provides a minimally invasive approach to lowering IOP for physicians and their patients seeking new ways to treat glaucoma that go beyond conventional eye drop treatments."
In August, Allergan acquired another US-based development-stage medical device firm Oculeve, for $125m.
Image: AqueSys’ XEN45 single-use and pre-loaded injector. Photo: courtesy of Allergan plc.