Sanofi-Aventis has announced an agreement to acquire Fovea Pharmaceuticals, a French research and development biopharmaceutical company focused on ocular diseases, for €370m.
Under the agreement, Sanofi-Aventis will acquire the rights to Fovea's portfolio of three clinical compounds, a unique technology platform and several discovery programmes dedicated to back of the eye diseases.
Fovea also has scientific capabilities designed around a innovative proprietary discovery platform, dedicated to ophthalmology and especially retinal diseases and several ongoing research and development programmes in glaucoma, retinitis pigmentosa and age-related macular degeneration.
Sanofi-Aventis CEO Christopher Viehbacher said that the acquisition of Fovea will create new strategic positions in the promising and dynamically growing ophthalmic area.
Under the terms of the agreement, Sanofi has agreed a total enterprise value of €370m for Fovea, including an immediate upfront payment and subsequent milestone payments related to the three clinical compounds.