Transaction expected to close by end of 2016
Sun Pharmaceutical Industries has entered into an agreement to acquire 100% equity stake of Ocular Technologies, Sarl. The transaction is subject to approval of the Federal Trade Commission of USA. The transaction is expected to close by end of 2016. The cash consideration includes an upfront payment of USD 40 million, plus contingent development milestones, sales milestones and tiered royalty on sales of the product.Ocular Technologies owns exclusive worldwide rights to Seciera (cyclosporine A, 0.09% ophthalmic solution). Seciera is currently in a phase 3 confirmatory clinical trial for the treatment of Dry Eye Disease. This product is yet to be commercialised and hence its turnover is nil since last three years.
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