Sanofi-aventis to acquire FOVEA Pharmaceuticals

02-Oct-2009 - France

Sanofi-aventis announced that it has signed a binding agreement for the acquisition of Fovea Pharmaceuticals SA. Fovea has a portfolio of three clinical compounds, a unique technology platform and several discovery programs dedicated to back of the eye diseases.

Created in 2005, Fovea has built a pipeline comprising three products in clinical development: FOV 1101,an eye drop, fixed dose combination of prednisolone and cyclosporine, currently in phase II for the treatment of persistent allergic conjunctivitis, FOV 2302,an intravitreal formulation of a plasma kallikrein inhibitor, in phase I for the treatment of Retinal Vein Occlusion induced macular edema and FOV 2304, a potent antagonist of bradykinin B1 receptors, active by eye drop, scheduled to enter in phase I by November 2009 for the treatment of diabetic macular oedema.

“FOVEA is a unique opportunity to lay the foundation stone of an ophthalmology franchise,” declared Christopher A. Viehbacher, Chief Executive Officer of sanofi-aventis. “The acquisition of Fovea will create new strategic positions for sanofi-aventis in the very promising and dynamically growing ophthalmic area driven by unmet medical needs and aging population. This acquisition furthers our strategy of accessing high-growth segments of the healthcare market, reducing our risk profile while focusing on patient needs.”

In addition, Fovea has scientific capabilities designed around a proprietary discovery Platform, dedicated to ophthalmology and especially retinal diseases and several ongoing research and development programs in glaucoma, retinitis pigmentosa and aged-related macular degeneration.

Under the terms of the agreement, Sanofi has agreed to purchase Fovea for a total enterprise value of up to Euros 370 millions, including an immediate upfront payment and subsequent milestone payments related to the three clinical compounds.

https://www.bionity.com/en/news/107290/sanofi-aventis-to-acquire-fovea-pharmaceuticals.html