Allergan Completes Acquisition of Eye Disease Devicemaker Oculeve

Allergan said Monday that it has completed its $125 million purchase of San Francisco-based dry eye disease devicemaker Oculeve.

The deal, first announced in July, gives Oculeve upfront and commercialization milestone payments for its lead product, the OD-01 device, an investigational noninvasive nasal neurostimulation device to increase tear production in patients with dry eye disease.

Four clinical studies of the device in roughly 200 patients it is safe and effective for its intended use. Allergan plans to conduct two additional pivotal trials to support an FDA premarket submission, which is expected in 2016. The company hopes to receive approval and launch the product by 2017. — Kellen Owings