Santen Pharmaceutical and Eyevance Holdings LLC announced that Santen Holdings U.S. Inc., a wholly-owned subsidiary of Santen, and Eyevance Holdings LLC entered into a share purchase agreement where Santen Holdings U.S. Inc. acquires all of outstanding shares of Eyevance Pharmaceuticals Holdings Inc. ("Eyevance").
Since inception in 2017, 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, optometrists, and allergists throughout the U.S.
Looking toward 2030 and a further-beyond future, this year Santen developed a new long-term vision and has been taking on a series of challenges to achieve its “WORLD VISION”, which illustrates the ideal world that Santen aims for. “We’re very pleased to have entered into this agreement,” said Shigeo Taniuchi, Santen President and CEO. “Through this purchase, we will quickly establish a business base in the U.S. and both humbly face and further contribute to the needs of a greater number of patients by offering more value. At the same time, we will accelerate global business rollout by gaining access to the U.S. and our presence in the market, aiming for even further corporate growth and contribution to ophthalmic treatments for people around the world.”
“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,” commented co-founders Jerry St. Peter, CEO & Director, and Jason Werner, COO, Eyevance Pharmaceuticals LLC (a wholly-owned subsidiary of Eyevance). “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, with purchase price as $225 million (USD) and paid all in cash, thereby making Eyevance a wholly-owned subsidiary of Santen. VISOVANQTM (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.
Eyevance Holdings LLC is a limited liability company, and, before this transaction, had two wholly-owned subsidiaries, Eyevance Pharmaceuticals Holdings Inc. and its operating company, Eyevance Pharmaceuticals LLC.
Source: Company Press Release