Valeant Pharmaceuticals has agreed to acquire Eyetech Inc., a privately-owned ophthalmic biotechnology company dedicated to the treatment of sight-threatening diseases of the retina, for an upfront payment and potential future milestones that total significantly less than two times sales. Eyetech currently markets Macugen in the United States, the first anti-VEGF inhibitor approved for the treatment of wet age-related macular degeneration (AMD). The transaction is expected to be immediately accretive.

“This acquisition of Eyetech will fit nicely with our existing ophthalmology business, which includes a preservative free Timoptic in Ocudose and Lacrisert, products obtained through our acquisition of Aton in 2010,” stated J. Michael Pearson, chairman and chief executive officer. “The ophthalmology market has similar characteristics to the dermatology space and is a natural extension of our development capabilities. We will continue to look for future opportunities to acquire additional products and gain important critical mass in this specialty space.” The transaction, which is subject to customary closing conditions, is expected to close this week.