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Allergan to Acquire Oculeve Dry Eye Disease Development Programs
Allergan plc (NYSE: AGN), a leading global pharmaceutical company, and Oculeve, today announced that they have entered into an agreement under which Allergan will acquire Oculeve.
PRESS RELEASE
DUBLIN and SOUTH SAN FRANCISCO, Calif., July 6, 2015 /PRNewswire/ -- Allergan plc (NYSE: AGN), a leading global pharmaceutical company, and Oculeve, a development-stage medical device company focused on developing novel treatments for dry eye disease, today announced that they have entered into an agreement under which Allergan will acquire Oculeve in an all-cash transaction. Under the terms of the agreement, Allergan will acquire Oculeve for a $125 million upfront payment and commercialization milestone payments related to Oculeve's lead development program OD-01. The agreement also includes the acquisition of an additional earlier-stage dry eye device development program. Allergan's 2015 earnings-per-share forecast provided on May 11, 2015 is unchanged as a result of the acquisition. The Company remains committed to de-levering to below 3.5x debt to Adjusted EBITDA by the end of the first quarter of 2016.
