AbbVie, iSTAR enter alliance to support MINIject MIGS device
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AbbVie and iSTAR Medical have entered into a strategic alliance to develop and commercialize the MINIject minimally invasive glaucoma surgical device for patients with glaucoma, according to a press release.
Under the terms of the agreement, AbbVie will pay iSTAR a $60 million non-dilutive upfront payment, with iSTAR continuing to develop and commercialize the MINIject until the completion of the STAR-V U.S. premarket approval study. iSTAR will remain an independent company until STAR-V is complete, after which AbbVie will have the right to acquire iSTAR and lead global development and commercialization of the MINIject, according to the release.
The MINIject received CE marking approval for commercialization in Europe in 2021 and launched commercially in select European countries earlier this year.
“Today’s announcement is validation of the transformational role of MINIject in the treatment of glaucoma,” Michel Vanbrabant, CEO of iSTAR, said in the release. “Our commitment has always been to enable more glaucoma patients globally to be treated effectively in a minimally invasive manner with our MINIject MIGS device, and this alliance accelerates that goal, especially in the United States. We will benefit from AbbVie’s strong global experience and knowledge base already established in glaucoma, and we are excited to be working with such a world-class team.”
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