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Allergan acquires Oculeve

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Allergan has successfully completed the acquisition of Oculeve, according to a press release.

Under the terms of the agreement, Allergan acquired Oculeve, which is focused on developing treatments for dry eye disease, for an upfront payment of $125 million and commercialization milestone payments related to lead development program OD-01. The agreement includes the acquisition of an additional earlier-stage dry eye device development program, the release said.

“The acquisition of Oculeve further enhances Allergan’s world-class position in eye care and underscores our commitment to continuing to develop a broad range of treatment options for patients with eye conditions,” Brent Saunders, CEO and president of Allergan, said in the release.

In addition to Oculeve’s four completed clinical trials of OD-01, a noninvasive nasal neurostimulation device that increases tear production in dry eye patients, Allergan plans to conduct two additional pivotal trials before expected FDA submission in 2016.