Sun Pharma with its subsidiaries has agreed to buy 100% of Ocular Technologies, a portfolio company of Auven Therapeutics (Auven), an international private equity company focused on accelerated development of breakthrough therapeutic drugs.
OTS owns exclusive worldwide rights to Seciera, a cyclosporine A, 0.09% ophthalmic solution, which is currently in a Phase-3 confirmatory clinical trial for the treatment of Dry Eye Disease.
Sun Pharma will pay Auven $40 million upfront, plus contingent development milestones and sales milestones as well as tiered royalty on sales of Seciera as consideration for this acquisition.
16 million people affected by Dry Eye Disease in US
Dry Eye Disease is an inflammatory ocular disease affecting approximately 16 million people in the United States alone.
In a completed Phase 2b/3 clinical trial in 455 patients, Seciera demonstrated a rapid onset of action and was well tolerated by the study population.
Dilip Shanghvi, Managing Director, Sun Pharma said: “This potential acquisition signifies continued momentum in enhancing our global branded specialty portfolio. Coupled with our existing pipeline consisting of BromSite, DexaSite and Xelpros, this initiative will enable Sun Pharma to significantly expand its ophthalmic presence and reach millions of patients globally.”
Jerry St. Peter, Vice President and Head, Sun Ophthalmics, said that this buy is an important milestone in taking another step in participating in a $5B worth market.
He said: “As a specialty business dedicated solely to the needs of eye care practitioners and their patients, Sun Ophthalmics is excited at the potential to expand our existing portfolio. We hope to bring Seciera, to ophthalmologists and optometrists globally and participate in a dynamic market that is estimated to reach almost $5 billion worldwide by 2020.”
Kendall E. Donaldson, MD, MS, Associate Professor of Ophthalmology and Co-Director Cornea Fellowship, Bascom Plamer Eye Institute.welcomed a potential new formulation for patients suffering from Dry Eye Disease.
“Dry Eye Disease is a complex, chronic condition that affects patient quality of life, often significantly. As practitioners, we require as many tools in our armamentarium as possible to afford patients the best chance at effective, lasting treatment and improved quality of life. The positive clinical trial results for Seciera, indicates great potential for patients and practitioners alike,” said Donaldson.
The transaction is expected to be completed by end of 2016.