Sanofi-Aventis is set to acquire Fovea Pharmaceuticals in a deal worth a total of E370 million. The French giant has signed a binding agreement and the deal is expected to close in Q4 2009. Fovea, established in 2005, is a French biopharm company focused on ocular diseases. It has a pipeline comprising three products in clinical development: eye drops for the treatment of persistent allergic conjunctivitis and diabetic macular oedema and an intravitreal formulation of a plasma kallikrein inhibitor for macular edema.
Bernard Gilly, president and CEO of Fovea, said the deal "demonstrates that strong science combined with high level expertise in pharmaceutical development and management is what the industry leaders are looking for."