Acquisition
The eye care specialist Alcon is to acquire University of Zurich spin-out ESBATech AG, for $150 million, plus up to $439 million based upon the achievement of future research and development milestones.
ESBATech was set up by the Institute of Molecular Biology at the university to develop proprietary single-chain antibody fragment therapeutics for topical and local delivery in ophthalmic applications.
The rights to the technology and products for application outside of ophthalmology will be retained by the shareholders of ESBATech and spun off into a separate new company, Delenex Therapeutics AG.
Sabri Markabi, Alcon’s senior vice president of research and development and chief medical officer said, “Combining ESBATech’s proprietary antibody fragment technology with our expertise in ophthalmic formulation and capabilities in global development will strengthen Alcon’s leadership position in ophthalmology.”
ESBATech has advanced its antibody fragment technology to preclinical and clinical stages for various eye diseases. The company has products in development of which the most advanced is in Phase II trials for the treatment of inflammatory ocular diseases.
“I am very proud of what our team has achieved in proving clinically that our platform delivers therapeutic antibody fragments with required drug-like properties,” said Dominik Escher, chief executive officer of ESBATech.
The deal includes development-stage products for treating age-related macular degeneration, diabetic macular edema, glaucoma, dry eye and uveitis. Most of the employees of ESBATech will join Alcon upon completion.
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