Glaukos closes Avedro acquisition to expand corneal health franchise
Glaukos acquisition of Avedro : Glaukos Corporation, a California-based ophthalmic medical technology and pharmaceutical company, has completed its previously announced acquisition of Avedro.
Based in Waltham, Massachusetts, Avedro is a hybrid ophthalmic pharmaceutical and medical technology company, which is focused on treating corneal disease and disorders and enhancing vision to decrease dependency on eyeglasses or contact lens.
Avedro’s Corneal Remodeling Platform, is said to help in the treatment of corneal ecstatic disorders and correct refractive conditions. According to the company, the platform achieves these by stabilizing, strengthening and reshaping the cornea by making use of corneal cross-linking in minimally invasive and non-invasive outpatients procedures.
Glaukos, on the other hand, focuses on developing therapies for the treatment of glaucoma, retinal diseases, and corneal disorders.
The acquisition is said to bring together two complementary, hybrid ophthalmic pharmaceutical and device companies, while establishing the foundation for Glaukos’ new corneal health franchise.
Glaukos intends to make use of its market-building expertise, global commercial scale, and clinical and regulatory infrastructure to maximize Avedro’s bio-activated pharmaceuticals and pipeline.
The transaction also expands the R&D capabilities of Glaukos and is likely to boost the various corneal health and vision correction development initiatives that are in progress across the two organizations.
Glaukos acquisition of Avedro was announced in August 2019 under which the each share of the latter was exchanged with 0.365 shares of the former.
Thomas Burns – Glaukos president and CEO, commenting on Glaukos acquisition of Avedro, said: “This transaction pairs two highly complementary, hybrid pharma and device organizations, combining Avedro’s novel bio-activated pharmaceutical solutions and R&D capabilities with Glaukos’ global commercial scale, proven market-building and shared reimbursement expertise, and extensive clinical and regulatory infrastructure.
“We’re excited to welcome the talented Avedro employees to the Glaukos organization to help build upon our solid foundation to transform Glaukos into a global ophthalmic pharmaceutical and device leader capable of serving the vision care needs of physicians and their patients for years to come.”