Sanofi-Aventis to Acquire Fovea Pharmaceuticals

French pharmaceutical group Sanofi-Aventis has signed a binding agreement for the acquisition of Fovea Pharmaceuticals, a French R&D biopharmaceutical company, focused on ocular diseases.

Under the terms of the agreement, Sanofi-Aventis has agreed to purchase Fovea for a total enterprise value of up to E370 million, including an immediate upfront payment and subsequent milestone payments related to the three clinical compounds.

The closing of the transaction is expected to occur in the fourth quarter of 2009, subject to antitrust clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

Fovea has a portfolio of three clinical compounds, a unique technology platform and several discovery programs dedicated to back of the eye diseases. Fovea's three products in clinical development are: FOV 1101, an eye drop, fixed dose combination of prednisolone and cyclosporine, currently in Phase II for the treatment of persistent allergic conjunctivitis, FOV 2302, an intravitreal formulation of a plasma kallikrein inhibitor, in Phase I for the treatment of retinal vein occlusion induced macular edema and FOV 2304, a potent antagonist of bradykinin B1 receptors, active by eye drop, scheduled to enter in Phase I by November 2009 for the treatment of diabetic macular oedema.