Sun Pharma buys eye care specialist Ocular Tech for $40m

\ Mumbai, Oct 26 (PTI) The country\\’s largest pharma\company Sun Pharma today acquired 100 per cent equity in the\US-based eye care specialist Ocular Technologies Sarl, owned\by the private equity firm Auven Therapeutics, for a front\payment of USD 40 million.\ Sun will also pay more contingent on meeting drug\development and sales milestones as well as tiered royalty on\sales of Seciera for the company for accelerated development\of breakthrough therapeutic drugs.\ Currently, Ocular is developing Seciera for treating\dry eye disease, the city-based company, adding the drug is\currently in a Phase-3 confirmatory clinical trials.\ \\"This acquisition signifies continued momentum in\enhancing our global branded specialty portfolio,\\" Dilip\Shanghvi, managing director of Sun Pharma said in a late\evening statement.\ \\"Coupled with our existing pipeline consisting of\BromSite, DexaSite and Xelpros, this initiative will enable us\to significantly expand its ophthalmic presence and reach\millions of patients globally,\\" he added.\ Jerry Peter, vice-president and head of Sun\Ophthalmics described the deal as \\"an important milestone for\us, as a specialty business dedicated solely to the needs of\eye care practitioners and their patients. This will widen our\potential to expand existing portfolio. We hope to bring\Seciera to ophthalmologists and optometrists globally, the\market for which is estimated to touch USD5 billion worldwide\by 2020.\\"\ The transaction is subject to approval of the US\Federal Trade Commission as required under the\Hart-Scott-Rodino Act and other closing conditions, and is\expected to be completed by end of 2016. PTI BEN NSK BKS NKD\MR\SRE\