Fort Worth eye medication firm acquired for $225M
Fort Worth-based Eyevance Holdings LLC, founded in 2017 to provide medication to eye doctors, has been acquired by Santen Holdings LLC for $225 million, the companies announced on Sept. 17. Under the agreement Santen, a wholly owned subsidiary of Santen Pharmaceutical Co. Ltd., acquires all of outstanding shares of Eyevance.
Eyevance develops and commercializes topical ophthalmic products targeting the ocular surface and anterior segment. Within this area of focus, Eyevance currently offers anti-inflammatory, anti-allergic, anti-fungal, anti-infective/anti-inflammatory fixed combination, and tear lubricant products. Eyevance’s current commercialization strategy is supported by a national sales team exclusively targeting ophthalmologists, The optometrists, and allergists throughout the U.S.
The company was founded by Jerry St. Peter, CEO, and director, and Jason Werner, chief operating officer.
“Eyevance is proud of its accomplishments over the past three years and looks forward to joining Santen, one of the leading ophthalmic companies worldwide, with its innovative R&D expertise and legacy of global success,” said the co-founders in a statement. “We are excited to become part of Santen’s U.S. organization, to work in collaboration to further strengthen the existing commercial business. As Eyevance embarks on this new journey with Santen, we sincerely appreciate the Eyevance Team and its shareholders for their unwavering support and continuous pursuit of excellence.”
The transaction has been closed simultaneously with the execution of the agreement, paid all in cash, thereby making Eyevance a wholly-owned subsidiary of Santen. VISOVANQ (sterile vancomycin ophthalmic ointment) and NEXAGON (ophthalmic gel for persistent corneal epithelial defects), both of which were being developed by Eyevance, were carved out of the transaction with Santen and are excluded from this purchase.
Since inception in 2017, Eyevance has developed and commercialized topical ophthalmic products targeting the ocular surface and anterior segment. Within this area of focus, Eyevance currently offers anti-inflammatory, anti-allergic, anti-fungal, anti-infective/anti-inflammatory fixed combination, and tear lubricant products. Eyevance’s current commercialization strategy is supported by a national sales team exclusively targeting ophthalmologists, optometrists, and allergists throughout the U.S. which will be acquired by Santen.
In 2019, Eyevance raised $30 million in an equity funding round shortly after it acquired TOBRADEX ST and NATACYN from Swiss pharmaceutical giant Novartis.
The transaction has been closed simultaneously with the execution of the agreement, with purchase price as $225 million (USD) and paid all in cash, thereby making Eyevance a wholly-owned subsidiary of Santen. VISOVANQ (sterile vancomycin ophthalmic ointment) and NEXAGON (ophthalmic gel for persistent corneal epithelial defects), both of which were being developed by Eyevance, were carved out of the transaction with Santen and are excluded from this purchase.
The financial impact of this agreement on Santen’s FY2020 and medium-term earnings forecasts is expected to be minor.
