Leading the Way in Life Science Technologies

GEN Exclusives

More »

GEN News Highlights

More »
Sep 29, 2011

Santen Starts Acquisition Bid for 50.55% Stake in Ophthalmic Drugs Firm Novagali

  • A number of existing shareholders in Novagali Pharma have agreed to sell shares amounting to a 50.55% overall stake in the French ophthalmic drugs firm to Japanese pharma Santen Pharmaceutical, as part of the latter’s move to take over Novagali outright. The initial €6.15 per share purchase agreement represents a 71.3% premium over the last traded price before the acquisition was announced. If, by the end of the tender offer Santen holds at least 95% of Novagali’s share capital and voting rights, then a mandatory squeeze out of remaining shares will be effected, and stockholders who participated in the initial sale and subsequent tender offer will receive €6.25 for each of their remaining shares.

    Novagali is developing drugs based on its ophthalmic drug delivery platforms Novasorb®, a cationic emulsion technology, and Eyeject®, a minimally invasive injectible emulsion platform. The firm’s pipeline is headed by Catioprost®, a Phase II-stage cationic emulsion latanoprost therapy for the treatment of glaucoma, and Cyclokat®, a cationic emulsion formulation of cyclosporine for the treatment of severe dry eye disease. Earlier this month Novagali reported positive data from a U.S. Phase II study comparing Catioprost with Travatan Z® in the treatment of glaucoma. A Phase III pivotal trial evaluating Cyclokat was initiated in Europe in April.

    Additional clinical-stage candidates in the Novagali pipeline include Vekacia, an improved cyclosporine A candidate for the treatment of vernal keratoconjunctivitis, and Nova63035, an Eyeject-formulated emulsion containing a tissue-activated corticosteroid prodrug, for the treatment of diabetic retinopathy and macular edema. 

Related content

Be sure to take the GEN Poll

CRISPR Patent Controversy

Do you think recently released email from a former Broad Institute scientist to Jennifer Doudna will expedite a final legal decision on who owns the CRISPR patent?

More »