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Valeant Pharmaceuticals, Inc. announces deal to acquire Eyetech Inc.

Valeant Pharmaceuticals International Inc. (TSX: VRX; NYSE: VRX), an Ontario-based pharmaceuticals company with an estimated value in excess of $13 billion, has announced their agreement to acquire Eyetech Inc., a privately owned ophthalmic biotech company based in Palm Beach, Florida. Valeant’s announcement, subject to standard closing conditions, stated that the purchase of Eyetech was “for an upfront payment and potential future milestones that total significantly less than two times sales”. Eyetech is probably best known for its launch of Macugen, an aptamer based drug targeting VEGF-165 for the treatment of exudative age related macular degeneration. While initial hopes for the drug were high, the introduction of Lucentis into the market eclipsed all others on its way to dominating the wet AMD space.