DUBLIN and MENLO PARK, Calif., Aug. 11, 2016 /PRNewswire/ -- Allergan plc (NYSE:
AGN), a leading global pharmaceutical company, and ForSight
VISION5, a privately held, clinical-stage biotechnology company
focused on eye care, today announced that they have entered into an
agreement under which Allergan will acquire ForSight VISION5.
Under the terms of the agreement, Allergan will acquire ForSight
VISION5 for a $95 million upfront
payment and a launch milestone payment related to ForSight's lead
development program, a peri-ocular ring designed for extended drug
delivery and reducing elevated intraocular pressure (IOP) in
glaucoma patients.
Logo -
http://photos.prnewswire.com/prnh/20150612/222796LOGO
"The acquisition of ForSight and its ocular ring technology
builds on Allergan's rich history and deep commitment to eye care
innovation," said Brent Saunders,
CEO and President of Allergan. "Allergan has been a leader in
the development and introduction of novel treatments for
underserved eye conditions, including glaucoma, chronic dry eye
disease and other ocular conditions. The acquisition of this ring
technology demonstrates our commitment to advancing products that
can profoundly change the way patients receive treatment – through
innovation that helps address non-compliance, increases adherence
and improves tolerability."
Today, the most common treatment to lower elevated intraocular
pressure (IOP) in open-angle glaucoma is eye drop therapies. Nearly
half of patients who are prescribed eye drops to manage their
glaucoma may stop refilling their prescriptions after six months,
often because of difficulty in using drops.i
The ring is a preservative-free, non-invasive peri-ocular
product that rests on the surface of the eye (under the eyelids).
It is inserted by an Ophthalmologist or Optometrist, and releases
medication (bimatoprost) over multiple months to lower elevated IOP
in glaucoma and ocular hypertensive patients.
In 2015, ForSight announced results of its first randomized,
controlled Phase 2 study comparing the investigational ring to
twice-daily timolol eye drops. Data demonstrated that a single
administration of the ring provided sustained reduction in IOP for
six months with a reduction of 4-6 mmHg at the study's primary
endpoint of 12 weeks. Approximately 90 percent of subjects retained
inserts in both eyes for 6 months without clinician assistance.
"ForSight's ring technology has been shown to provide long-term
intraocular pressure reduction through a non-invasive, passive
technology for glaucoma and ocular hypertensive patients. If
approved, this technology could provide an important advance
to address the significant challenges of patient compliance and
adherence in glaucoma, a disease that is expected to impact more
than 80 million people worldwide by 2020 and be a leading cause of
blindness globally," said David
Nicholson, Chief R&D Officer, Allergan.
"Importantly, this technology would also be highly complementary to
our ongoing portfolio and development programs that are moving
glaucoma treatment toward dropless therapies."
"With its historic expertise in eye care innovation and
commercialization, its strong collaboration with the eye care
community and its commitment to being a leading provider of
game-changing dropless treatments for glaucoma, Allergan was a
natural choice and a compelling partner for us to maximize the
potential of our ring technology," said Andy Corley, Executive Chairman, ForSight
VISION5. "The addition of the ring technology to Allergan's
world-class eye care development and commercialization organization
represents a great day for clinicians and patients seeking an
innovative solution for the challenges of glaucoma treatment."
"A safe and effective extra-ocular drug delivery
therapeutic option is particularly suitable for the many
patients with mild-to-moderate glaucomatous disease in whom
more invasive modalities may not be ideal from a risk/benefit
standpoint," said Dr. Kuldev Singh, Professor of Ophthalmology
and Director of the Glaucoma Service, Stanford
University.
The transaction is subject to the satisfaction of customary
closing conditions and is expected to be completed within 60
days.
About Glaucoma
Glaucoma is a group of diseases that damage the eye's optic
nerve and can result in vision loss and blindness.ii
Several large studies have shown that eye pressure is a major risk
factor for optic nerve damage.i In
open-angle glaucoma, even though an ocular fluid drainage angle is
"open", the fluid passes too slowly through a meshwork
drain.i When the fluid builds up, the pressure inside
the eye rises to a level that may damage the optic
nerve.i When the optic nerve is damaged
from increased pressure, open-angle glaucoma-and vision loss may
result.i In 2010, 60.5 million people
globally were living with glaucoma.ii Given the
aging of the world's population, the number of people living with
glaucoma may increase to nearly 80 million by
2020.iii
About Allergan plc
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global
pharmaceutical company and a leader in a new industry model –
Growth Pharma. Allergan is focused on developing,
manufacturing and commercializing branded pharmaceuticals, devices
and biologic products for patients around the world.
Allergan markets a portfolio of leading brands and best-in-class
products for the central nervous system, eye care, medical
aesthetics and dermatology, gastroenterology, women's health,
urology and anti-infective therapeutic categories.
Allergan is an industry leader in Open Science, the
Company's R&D model, which defines our approach to identifying
and developing game-changing ideas and innovation for better
patient care. This approach has led to Allergan building
one of the broadest development pipelines in the pharmaceutical
industry with 65+ mid-to-late stage pipeline programs in
development.
Our Company's success is powered by our more than 16,000 global
colleagues' commitment to being Bold for Life. Together, we
build bridges, power ideas, act fast and drive results for our
customers and patients around the world by always doing what is
right.
With commercial operations in approximately 100 countries,
Allergan is committed to working with physicians, healthcare
providers and patients to deliver innovative and meaningful
treatments that help people around the world live longer, healthier
lives.
For more information, visit Allergan's website
at www.Allergan.com.
About ForSight VISION5, Inc
ForSight VISION5, Inc. was founded in January of 2011 as the
fifth company to emerge from the ophthalmic incubator ForSight
Labs, LLC. ForSight VISION5 is focused on developing non-invasive
drug delivery products that replace eye drops and provide sustained
therapy for major eye diseases including glaucoma, dry eye, and
allergy. ForSight VISION5's lead peri-optical ring product
candidate, a novel, non-invasive delivery system designed to allow
glaucoma and ocular hypertensive patients to receive medication
continually. ForSight VISION5's investors include Versant Ventures,
Morgenthaler Ventures, Technology Partners, Delphi Ventures, and
H.I.G. BioVentures.
Forward-Looking Statement
Statements contained in this press release that refer to future
events or other non-historical facts are forward-looking statements
that reflect Allergan's current perspective of existing trends and
information as of the date of this release. Except as expressly
required by law, Allergan disclaims any intent or obligation to
update these forward-looking statements. Actual results may differ
materially from Allergan's current expectations depending upon a
number of factors affecting Allergan's business. These factors
include, among others, the difficulty of predicting the timing or
outcome of FDA approvals or actions, if any; the impact of
competitive products and pricing; market acceptance of and
continued demand for Allergan's products; difficulties or delays in
manufacturing; and other risks and uncertainties detailed in
Allergan's periodic public filings with the Securities and Exchange
Commission, including but not limited to Allergan's Annual Report
on Form 10-K for the year ended December 31,
2015 and Quarterly Report on Form 10-Q for the quarter ended
June 30, 2016 (certain of such
periodic public filings having been filed under the "Actavis plc"
name). Except as expressly required by law, Allergan disclaims any
intent or obligation to update these forward-looking
statements.
i Nordstrom, BL et al. "Persistence and Adherence
with Topical Glaucoma Therapy" Am J Ophthalmol
2005;140:598–606.
ii National Eye Institute – Glaucoma Facts:
https://nei.nih.gov/health/glaucoma/glaucoma_facts
iii Bright Focus Foundation – Glaucoma Facts &
Figures:
http://www.brightfocus.org/glaucoma/article/glaucoma-facts-figures
CONTACTS:
|
Allergan:
|
|
Investors:
|
|
Lisa
DeFrancesco
|
|
862)
261-7152
|
|
|
|
Media:
|
|
Mark
Marmur
|
|
(862)
261-7558
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/allergan-to-acquire-eye-care-company-forsight-vision5-adding-peri-ocular-ring-technology-to-companys-leading-portfolio-of-innovative-eye-health-products-300312348.html
SOURCE Allergan plc