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Valeant to purchase Eyetech this week

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MISSISSAUGA, Ontario — Valeant Pharmaceuticals has entered into a deal to acquire privately owned Eyetech for an upfront payment and potential future milestone payments, according to a press release from Valeant.

The transaction is expected to total well below double the sales of Eyetech, but the amount was not given in the Valeant release. The deal is set to close this week.

Eyetech's primary product in the United States is Macugen (pegaptanib sodium injection), the first anti-VEGF inhibitor approved in the U.S. for the treatment of wet age-related macular degeneration, the release said. Pfizer markets and sells Macugen outside of the United States.

"This acquisition of Eyetech will fit nicely with our existing ophthalmology business," J. Michael Pearson, Valeant chairman and CEO, said in the release. "We will continue to look for future opportunities to acquire additional products and gain important critical mass in this specialty space."

In January, Valeant withdrew an unsolicited offer of more than $300 million to purchase Ista Pharmaceuticals. The offer initially was made in December 2011. In May 2010, Valeant purchased Aton Pharma for about $318 million.