There’s another exit in the North Texas startup scene that further points to the increased interest the biotech industry has seen during the pandemic.
Santen Holdings U.S., a subsidiary of Japan’s Santen Pharmaceuticals announced an agreement to acquire Fort Worth-based Eyevance Pharmaceuticals, a biotech startup focused on developing and commercializing topical ophthalmic products.
“We are excited to become part of Santen’s U.S. organization, to work in collaboration to further strengthen the existing commercial business,” said Eyevance co-founders Jerry St. Peter and Jason Wener in a joint statement.
Under the deal, Santen acquired all outstanding shares of Eyevance in a $225 million all-cash transaction. The company will now operate as a wholly-owned subsidiary of Santen. However, two of Eyevance’s products – VISOVANQ and NEXAGON, both topical treatments – were not part of the deal and were excluded from the purchase. Santen said a new company will bring those to market, as it focuses on Eyevance’s commercial enterprise business.
Santen said there would not be any changes to either company’s teams or operations due to the acquisition.
Launched in 2017, Eyevance has developed a line of products that treat inflammation, allergy and infection of the eye. In 2019, the company reported raising $30 million in equity, according to a filing with the SEC. The move came after the company acquired two pharmaceutical products from Novartis.
Santen said the deal will help it quickly accelerate global rollout of its products by establishing a U.S. presence.
“The acquisition of Eyevance will continue to position Santen as a global ophthalmology leader, offering patients the latest innovations and solutions for their ophthalmic needs. In addition, expand Santen’s commercial infrastructure as it prepares for additional North America market entry,” a spokesperson for Santen told NTX Inno.
The move is another in a string of fundings and exits in the North Texas biotech scene. Dallas-based Taysha Gene Therapies is set to go public this month, which could value the company at up to $690.4 million. And earlier this week, Rockwall-based BioClonetics Immunotherapeutics signed a non-binding letter of intent to merge with drug development company Enzolytics in an effort to study the effects of treating HIV by combining their drug therapies.
