Stanford life sciences firm Oculeve receives $125m upfront from Allergan for its dry eye device.
Oculeve, a 2011 spinout of Stanford University, has been acquired by pharmaceutical firm Allergan for $125m upfront.
Allergan will now acquire Oculeve’s main product, OD-01. The nerve-stimulating device is implanted in the nose in order to treat dry eye conditions by encouraging tear production, and has proven successful across four clinical trials. Due to be submitted for approval to the Food and Drug Administration next year, Oculeve’s shareholders will receive undisclosed milestone payments if it is passes.
To date, the firm has raised $24.2m in external fundraising, notably a $16.6m round last year. Kleiner Perkins Caufield & Byers, Versant Ventures, and New Enterprise Associates are all backers.
