Santen and U.S. Ophthalmic Company Eyevance Enter into Share Purchase Agreement
OSAKA, Japan and FORT WORTH, Texas, Sept. 16, 2020 /PRNewswire/ -- Santen Pharmaceutical Co., Ltd. (hereinafter "Santen") and Eyevance Holdings LLC announced that Santen Holdings U.S. Inc., a wholly-owned subsidiary of Santen, and Eyevance Holdings LLC entered into a share purchase agreement where Santen Holdings U.S. Inc. acquires all of outstanding shares of Eyevance Pharmaceuticals Holdings Inc. (hereinafter "Eyevance").
Since inception in 2017, Eyevance develops and commercializes topical ophthalmic products targeting the ocular surface and anterior segment. Within this area of focus, Eyevance currently offers anti-inflammatory, anti-allergic, anti-fungal, anti-infective/anti-inflammatory fixed combination, and tear lubricant products. Eyevance's current commercialization strategy is supported by a national sales team exclusively targeting ophthalmologists, optometrists, and allergists throughout the U.S.
Looking toward 2030 and a further-beyond future, this year Santen developed a new long-term vision and has been taking on a series of challenges to achieve its "WORLD VISION", which illustrates the ideal world that Santen aims for. "We're very pleased to have entered into this agreement," said Shigeo Taniuchi, Santen President and CEO. "Through this purchase, we will quickly establish a business base in the U.S. and both humbly face and further contribute to the needs of a greater number of patients by offering more value. At the same time, we will accelerate global business rollout by gaining access to the U.S. and our presence in the market, aiming for even further corporate growth and contribution to ophthalmic treatments for people around the world."
"Eyevance is proud of its accomplishments over the past three years and looks forward to joining Santen, one of the leading ophthalmic companies worldwide, with its innovative R&D expertise and legacy of global success," commented co-founders Jerry St. Peter, CEO & Director, and Jason Werner, COO, Eyevance Pharmaceuticals LLC (a wholly-owned subsidiary of Eyevance). "We are excited to become part of Santen's U.S. organization, to work in collaboration to further strengthen the existing commercial business. As Eyevance embarks on this new journey with Santen, we sincerely appreciate the Eyevance Team and its shareholders for their unwavering support and continuous pursuit of excellence."
The transaction has been closed simultaneously with the execution of the agreement, with purchase price as $225 million (USD) and paid all in cash, thereby making Eyevance a wholly-owned subsidiary of Santen. VISOVANQTM (sterile vancomycin ophthalmic ointment) and NEXAGON® (ophthalmic gel for persistent corneal epithelial defects), both of which were being developed by Eyevance, were carved out of the transaction with Santen and are excluded from this purchase.
The financial impact of this agreement on Santen's FY2020 and medium-term earnings forecasts is expected to be minor.
About Eyevance Pharmaceuticals LLC
- Address: Fort Worth, Texas, U.S.A.
- President & CEO: Jerry St. Peter
- Business Profile: Advancing ocular health through the development and commercialization of innovative and impactful topical ophthalmic products that enable optimal vision and better quality of life while also ensuring patient access for all patients.
- Founded: September 2017
Eyevance Holdings LLC is a limited liability company, and, before this transaction, had two wholly-owned subsidiaries, Eyevance Pharmaceuticals Holdings Inc. and its operating company, Eyevance Pharmaceuticals LLC.
About Santen
As a specialized company dedicated to ophthalmology, Santen carries out research, development, marketing, and sales of pharmaceuticals, over-the-counter products, and medical devices. Santen is the market leader for prescription ophthalmic pharmaceuticals in Japan and its products now reach patients in over 60 countries. With scientific knowledge and organizational capabilities nurtured over a 130-year history, Santen provides products and services to contribute to the well-being of patients, their loved ones and consequently to society. For more information, please visit Santen's website (www.santen.com).
Santen Holdings U.S. Inc., a subsidiary of Santen Pharmaceutical Co., Ltd., is a global company focused exclusively on ophthalmology.
Santen Forward-looking Statements
Information provided in this press release contains forward-looking statements. The achievement of these forecasts is subject to risk and uncertainty from various sources. Therefore, please note that the actual results may differ significantly from the forecasts. Business performance and financial conditions are subject to the effects of changes in regulations made by the governments of Japan and other nations concerning medical insurance, drug pricing and other systems, and to fluctuations in market variables such as interest rates and foreign exchange rates.
CONTACT
Akiko Yoshikawa
Corporate Communications Group
Santen Pharmaceutical Co., Ltd.
E-mail: communication@santen.com Tel : +81-6-4802-9360
U.S. CONTACT
Lisa Her
Corporate Communications
Santen, Inc.
E-mail: Lisa.Her@santen.com Tel : +1-510-414-8977
View original content to download multimedia:http://www.prnewswire.com/news-releases/santen-and-us-ophthalmic-company-eyevance-enter-into-share-purchase-agreement-301132757.html
SOURCE Santen Pharmaceutical Co., Ltd.
