Allergan has agreed to acquire development-stage medical device company, Oculeve, which is focused on developing novel dry eye disease treatments.
Allergan will pay $125 million upfront, with potential milestone payments related to Oculeve's lead development program OD-01.
Allergan expects to file for FDA approval in 2016 for OD-01, a non-invasive nasal neurostimulation device that increases tear production in patients. OD-01 involves small devices inserted into the mucous membrane of the nasal cavity and under the skin below the eyebrow.
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