Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company focused on the development and commercialization of novel ophthalmic surgical devices and sustained pharmaceutical therapies, announced today that it has entered into a definitive Agreement and Plan of Merger to acquire DOSE Medical Corporation for $2.5 million in cash, plus performance-based consideration upon achievement of certain regulatory approvals and commercial milestones. Upon the consummation of the acquisition, DOSE Medical will become a wholly owned subsidiary of Glaukos. The transaction is expected to close during the current quarter, subject to customary closing conditions.
DOSE Medical is developing multiple micro-invasive, bioerodible, sustained-release drug delivery platforms designed to be used in the treatment of various retinal diseases, including age-related macular degeneration and diabetic macular edema.
“Since our founding more than 20 years ago, Glaukos has distinguished itself as an ophthalmic pioneer and leader by providing novel and effective treatment alternatives for people suffering with glaucoma,” said Thomas Burns, Glaukos president and chief executive officer. “With this acquisition, Glaukos will establish a new R&D retinal program that complements our growing glaucoma franchise and pipeline. We plan to build upon the promising work DOSE Medical has already done, while leveraging our unique expertise in disruptive, micro-scale innovation to advance exciting new treatment options for AMD and other retinal diseases.”
DOSE Medical was previously a wholly owned subsidiary of Glaukos. In 2010, it was spun-out as a standalone entity separate from Glaukos’ go-forward business. If completed, the acquisition would include all remaining assets and liabilities of DOSE Medical. Two Glaukos directors also serve on the board of DOSE Medical and certain members of Glaukos management are stockholders of DOSE Medical. The terms of the Agreement and Plan of Merger and the proposed acquisition were considered and approved by a special committee consisting only of independent members of Glaukos’ board of directors.
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Retinal diseases vary widely, can affect any part of the retina and are leading causes of blindness worldwide. The thin layer of tissue on the inside back wall of the eye, the retina contains millions of cells that receive, organize and send visual information through the optic nerve to the brain, enabling vision. AMD and diabetic retinopathies are the most common degenerative retinal diseases. Market Scope estimates that approximately 28 million people in the United States suffer from some type of retinal disease or condition, including approximately 17 million people with AMD.
Date: June 24, 2019
Source: Business Wire
