Bausch Health seeks to buy Allegro’s ophthalmology assets
Bausch Health has entered into an agreement with Allegro Ophthalmics to acquire an option to purchase all of Allegro’s ophthalmology assets, according to a press release.
The option includes global rights for Luminate (risuteganib), an investigational retina compound that acts on angiogenic, inflammatory and mitochondrial metabolic pathways in dry age-related macular degeneration. It also includes ALG-1007, a topical integrin regulator under investigation for the treatment of dry eye disease outside of the U.S.
“As part of the ongoing transformation of Bausch Health, we continue to seek strategic opportunities to build up our pipeline in core businesses, including Bausch + Lomb, our global eye health business. The addition of the ophthalmic assets of Allegro would significantly enhance our comprehensive portfolio of products for AMD,” Joseph C. Papa, chairman and CEO of Bausch Health, said in the press release.
The option totals $50 million, which would be made in two installments. The first $10 million payment would be made upon signing the agreement, while the remaining $40 million would be paid in 2021 after Allegro raises additional funding. At that point, if Bausch decides to exercise the option, additional payments would be made.
Two concurrent phase 3 trials investigating the intravitreal use of risuteganib to treat intermediate dry AMD are expected to begin in the next year.