The deal will also include the performance based consideration after achieving several development, regulatory and commercial milestones.

The transaction is subject to certain conditions under the Hart-Scott-Rodino Antitrust Improvements Act of the US.

InnFocus, along with University of Miami, Miller School of Medicine, Bascom Palmer Eye Institute, has developed MicroShunt glaucoma implant device.

MicroShunt is a drainage implant device, which enables to effectively drain eye fluid and reduce intraocular pressure IOP.

MicroShunt, which received CE mark approval in Europe, will reduce and sustain IOP to treat primary open-angle glaucoma (mild to severe stage disease).

Santen said the MicroShunt demonstrated significant and sustainable lowering of IOP when used alone or in combination with cataract surgery in clinical trials outside of the US.

The firm is currently carrying out late stage clinical studies in the US and Europe to advance pre-market approval (PMA) application with the US Food and Drug Administration (FDA) planned in the near future.

It is made by using SIBS or otherwise called poly(styrene-block-isobutylene-block-styrene), which is a highly biocompatible biomaterial that can be implanted in the body for over 15 years.

Santen Pharmaceutical president and CEO Akira Kurokawa said: "With this acquisition, Santen will strengthen our glaucoma pipeline and stay at the forefront of innovation in ophthalmology.

“This agreement is in line with our long term vision to become a specialized pharmaceutical company with a global presence.

InnFocus board executive chairman Randy Lindholm said: "The InnFocus MicroShunt was developed to be the world's first minimally invasive stand-alone procedure for mild, moderate and severe stage primary open angle glaucoma.”

Image: InnFocus’ MicroShunt glaucoma implant device. Photo: courtesy of PRNewsFoto/InnFocus Inc.