Ophthalmic medical technology firm Glaukos has signed an agreement to acquire Dose Medical for $2.5m (£1.9m) in cash.
The deal also includes the payment of performance-based consideration based on the achievement of certain regulatory approvals and commercial milestones.
Dose Medical is involved in the development of multiple micro-invasive, bioerodible and sustained-release drug delivery platforms to treat various retinal diseases such as age-related macular degeneration (AMD) and diabetic macular edema.
Earlier, Dose Medical was a wholly owned subsidiary of Glaukos. It was separated from the company’s go-forward business as a standalone entity in 2010.
Subject to customary closing conditions, the deal is expected to be completed during the current quarter. Dose Medical will become a wholly owned subsidiary of Glaukos, upon completion of the deal.
The deal would comprise of all remaining assets and liabilities of Dose Medical, if completed. Two Glaukos directors will also join on the board of Dose Medical, while certain members of Glaukos management will include as stockholders of the company.
According to the company, the terms of the agreement and plan of merger and the proposed acquisition have been considered and approved by a special committee consisting of independent members of Glaukos’ board of directors.
Glaukos president and CEO Thomas Burns said: “Since our founding more than 20 years ago, Glaukos has distinguished itself as an ophthalmic pioneer and leader by providing novel and effective treatment alternatives for people suffering with glaucoma.
“We plan to build upon the promising work DOSE Medical has already done, while leveraging our unique expertise in disruptive, micro-scale innovation to advance exciting new treatment options for AMD and other retinal diseases.”
Glaukos is engaged in the development and commercialisation of novel ophthalmic surgical devices and sustained pharmaceutical therapies.
The company developed Micro-Invasive Glaucoma Surgery (MIGS) to advance the traditional glaucoma treatment.
Glaukos first introduced its iStent MIGS device in the US in July 2012, while the next-generation iStent inject device in September 2018.