 "Sun Pharma buys US-based Ocular Technologies for $ 40 million")
Sun Pharma has acquired Ocular Technologies Sarl (OTS), a portfolio company of Auven Therapeutics (an international private equity company focused on accelerated development of breakthrough therapeutic drugs), for $ 40 million. OTS owns exclusive, worldwide rights to Seciera (cyclosporine A, 0.09% ophthalmic solution). In addition to upfront payment of $ 40 million, Sun Pharma will pay Auven for contingent development milestones and sales milestones as well as tiered royalty on sales of Seciera as consideration for this acquisition.
Seciera is currently in a phase-3 confirmatory clinical trial for the treatment of Dry Eye Disease, an inflammatory ocular disease affecting approximately 16 million people in the US alone. Seciera is a patented, novel, proprietary formulation of cyclosporine A 0.09%.
“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,” commented Dilip Shanghvi, managing director, Sun Pharma.
Dry Eye Disease, as defined by the National Health Institute (NHI), occurs when the eye does not produce tears properly, or when the tears are not of the correct consistency and evaporate too quickly. In addition, inflammation of the surface of the eye may occur along with dry eye. If left untreated, this condition can lead to pain, ulcers, or scars on the cornea, and some loss of vision. The positive clinical trial results for Seciera is expected to result in commercial launch of a potential novel cyclosporine formulation in near future, thus helping patients suffering from this disease.
“This is an important milestone for us. 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,” added Jerry St. Peter, vice president and head, Sun Ophthalmics (the branded ophthalmics division of Sun Pharma’s wholly owned subsidiary).