Irish pharmaceutical firm Allergan has completed the acquisition of US-based clinical stage medical device firm AqueSys for $300m.
Based in southern California, AqueSys is focused on developing ocular implants that reduce intraocular pressure (IOP) associated with glaucoma.
Under the deal, AqueSys will receive potential regulatory approval and commercialisation milestone payments from Allergan for its development product XEN45, a soft shunt used in minimally invasive glaucoma surgeries (MIGs).
XEN45 is implanted in the subconjunctival space in the eye through a minimally invasive procedure with a single use and pre-loaded proprietary injector.
XEN45 technology improves aqueous fluid flow to reduce IOP, while protecting against the potential for hypotony, which is associated with current subconjunctival procedures.
AqueSys secured CE Mark approval for XEN45 in the European Union (EU) to reduce intraocular pressure in patients with primary open angle glaucoma where previous medical treatments have failed, while it is also approved in Turkey, Canada and Switzerland.
Allergan president Brent Saunders said: "The acquisition of AqueSys and XEN45 is highly complementary to our leadership position in eye care and underscores our commitment to develop and commercialise treatments that advance care and add value for ophthalmologists and their patients."
"The XEN45 device provides a minimally invasive approach to lowering IOP for physicians and their patients seeking new ways to treat glaucoma that go beyond conventional eye drop treatments."
Currently the product is in late-stage development in the US, where the firm completed enrolment of patients under a investigational device exemption (IDE) clinical trial in the second quarter of this year.
The company is expecting 510(k) approval from US Food and Drug Administration by the end of 2016 or early 2017.
In August, Allergan acquired another US-based development stage medical device firm Oculeve for $125m.
The deal gives Allergan access to Oculeve's lead development programme, OD-01, a non-invasive nasal neurostimulation device, which is being developed to increase tear production in patients with dry eye disease.
Image: AqueSys' XEN45 single-use and pre-loaded injector. Photo: courtesy of PRNewswire / Allergan.