Sun Pharma today said it has completed the acquisition of the US-based eye care specialist Ocular Technologies Sarl.
"All the necessary formalities for closure of the said transaction have been concluded and the company has successfully completed the acquisition of Ocular Technologies Sarl, on December 15, 2016," Sun Pharmaceutical Industries said in a BSE filing.
In October this year, Sun Pharma announced acquisition of 100 per cent equity stake in Ocular Technologies Sarl, owned by the private equity firm Auven Therapeutics, for a front payment of USD 40 million.
Sun Pharma will also pay more contingent on meeting drug development and sales milestones as well as tiered royalty on sales of Seciera for the company for accelerated development of breakthrough therapeutic drugs.
Currently, Ocular is developing Seciera for treating dry eye disease, the city-based company said, adding the drug is currently in Phase-3 confirmatory clinical trials.