- AbbVie Inc (NYSE:ABBV) announced a strategic transaction to develop and commercialize iSTAR Medical’s MINIject device, a minimally invasive glaucoma surgical (MIGS) device.
- This complementary alliance will support iSTAR Medical’s development and commercial efforts for MINIject, and provide an opportunity to expand AbbVie’s eye care business.
- MINIject received European approval in the last quarter of 2021 and launched commercially in select European countries in early 2022.
- iSTAR Medical is currently enrolling in a U.S. Premarket Approval study (STAR-V) to enable commercialization in the U.S.
- Related: AbbVie Dumps An Early-Alzheimer’s Candidate Developing In Collaboration With Alector.
- Under the terms of the agreement, iSTAR Medical will receive a $60 million non-dilutive upfront payment. It will continue to develop and commercialize MINIject until the completion of the STAR-V clinical study.
- AbbVie will hold the exclusive right to acquire iSTAR Medical and lead subsequent global development and commercialization of the MINIject device.
- If AbbVie exercises the right to acquire iSTAR, the stockholders of iSTAR Medical would also be eligible to receive additional contingent payments of up to $475 million.
- Price Action: ABBV shares are up 0.22% at $150.07 during the market session on the last check Wednesday.
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