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Sanofi-Aventis acquires Fovea Pharmaceuticals in €370 million deal
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PARIS — Sanofi-Aventis has signed an agreement to acquire Fovea Pharmaceuticals for €370 million, Sanofi-Aventis announced in a press release.
Under the terms of the agreement, Sanofi has tendered Fovea an initial payment and has agreed to submit additional milestone payments regarding Fovea's current portfolio, which includes three compounds in clinical development, a novel technology platform with ophthalmic indications and a number of discovery programs in retinal disease and glaucoma, according to the release.
Fovea's clinical development pipeline includes FOV 1101, a fixed-dose combination eye drop containing prednisolone and cyclosporine that is currently in phase 2 development for treating persistent allergic conjunctivitis; FOV 2302, an intravitreal formulation of a plasma kallikrein inhibitor currently in phase 1 development for treating macular edema due to retinal vein occlusion; and FOV 2304, a potent antagonist of bradykinin B1 receptor for topical administration that is scheduled to enter phase 1 development in November for treating diabetic macular edema.
"The acquisition of Fovea will create new strategic positions for Sanofi-Aventis in the very promising and dynamically growing ophthalmic area driven by unmet medical needs and aging population," Christopher A. Viehbacher, CEO of Sanofi-Aventis, said in the release. "This acquisition furthers our strategy of accessing high-growth segments of the health care market, reducing our risk profile while focusing on patient needs."