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Allergan to acquire Oculeve in all-cash transaction

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Allergan and Oculeve have entered into an agreement under which Allergan will acquire Oculeve in an all-cash transaction, according to press release from Allergan.

Under this agreement, Allergan will acquire Oculeve for an upfront payment of $125 million and commercialization milestone payments related to Oculeve’s OD-01, a noninvasive nasal neurostimulation device that increases tear production in patients with dry eye disease.

According to the release, Oculeve has completed four clinical studies of OD-01, and Allergan intends to conduct two additional pivotal trials before submitting the device to the FDA for review.

“The OD-01 program has been shown to provide a strong safety and efficacy profile and if approved, would provide an exciting new treatment option for patients that is complementary to our existing product offerings in this important treatment area,” David Nicholson, executive vice president of Global Brands Research and Development at Allergan, said in the release.

Allergan expects to close the transaction in the third quarter of 2015.