July 19, 2016
OSAKA, Japan and MIAMI –(PRNewswire) — Santen Pharmaceutical Co., Ltd. (hereinafter, “Santen”) and InnFocus, Inc. (hereinafter, “InnFocus”) today announced that the two companies have entered into a definitive agreement under which Santen will acquire privately held InnFocus, developer of the InnFocus MicroShunt® (hereinafter, “MicroShunt”) glaucoma implant device.
InnFocus is developing the MicroShunt implant to lower and sustain intraocular pressure (IOP) for the treatment of primary open-angle glaucoma (mild to severe stage disease). The MicroShunt has shown significant and sustainable lowering of IOP when used alone or in combination with cataract surgery in clinical trials outside of the U.S. Late stage clinical studies are underway in the U.S. and Europe in advance of PMA (Pre-Market Approval) application to the U.S. Food and Drug Administration (FDA) planned in the near future. The MicroShunt has received CE Mark in Europe.
“With this acquisition, Santen will strengthen our glaucoma pipeline and stay at the forefront of innovation in ophthalmology. This agreement is in line with our long term vision to become a Specialized Pharmaceutical Company with a Global Presence. I am truly excited about the MicroShunt as a new and effective treatment option that should significantly improve patient outcomes,” said Akira Kurokawa, President and CEO of Santen.
“The InnFocus MicroShunt was developed to be the world’s first minimally invasive stand-alone procedure for mild, moderate and severe stage primary open angle glaucoma. In addition to reducing IOP, the MicroShunt does not require simultaneous cataract removal, unlike many MIGS (micro-invasive glaucoma surgery) technologies. The InnFocus team is very pleased to be joining Santen and its global effort to address this growing and important segment of the ophthalmic market,” said Randy Lindholm, Executive Chairman of the Board of InnFocus.
Under the terms of the agreement, Santen will acquire InnFocus for an upfront payment of USD 225 million, plus performance based consideration upon achievement of certain development, regulatory and commercial milestones. The acquisition is subject to certain conditions under the Hart-Scott-Rodino Antitrust Improvements Act of the U.S.