Ohr Pharmaceutical has entered into an agreement to acquire ophthalmology assets from SKS Ocular, the company announced in a news release.
Under the agreement, Ohr will acquire a sustained-release technology platform currently in development. The company will also obtain a line of preclinical sustained-release product candidates for the treatment of glaucoma, retinal disease and other eye diseases.
The transaction is expected to be finalized by the end of the month.
Ohr will make an initial upfront payment of $3.5 million and 1,194,862 shares of its common stock. SKS will be eligible to obtain up to 1,493,578 additional shares of Ohr common stock in staged payments. Payments will be made if the sustained-release delivery platform and product candidates successfully meet specified development and regulatory benchmarks within a specified time interval, the release said.
SKS will also be qualified to receive up to $5 million in cash payments made to Ohr from a research collaboration with a large global pharmaceutical company.
Ohr will also acquire a research team and research laboratory in San Diego.
SKS Ocular’s sustained-release technology uses micro-fabrication techniques to create nanoparticle and microparticle drug formulations that are released for 3 to 6 months.
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