Alimera Sciences And Bausch & Lomb Announce Transaction For Alaway™ OTC Eye Care Product
Alaway is an antihistamine indicated for up to 12 hours of temporary relief for itchy eyes due to ragweed, pollen, grass, animal hair and dander. Alaway contains the same active ingredient and strength and is shown to be therapeutically equivalent to Zaditor™, a prescription product being switched to OTC by Novartis.
“The acquisition of Alaway not only enhances our current OTC product portfolio by giving us a stronger and longer-lasting product to address the needs of consumers who suffer itchy eyes, but it also gives us an excellent technology platform for the development of product line extensions in the ocular allergy category,” said Gary M. Phillips, MD, corporate vice president and global pharmaceutical category leader for Bausch & Lomb.
“We are delighted by this transaction with a leading company like Bausch & Lomb and their valuation of our allergy franchise,” said Dan Myers, president and chief executive of Alimera. “The monetization of this franchise represents a strong return on our investment in the OTC business and allows us to focus our attention and resources on Medidur™, our investigational drug currently in Phase 3 clinical trials for the treatment of diabetic macular edema (DME), and to pursue the development of other drug delivery technologies.”
Financial details of the transaction were not disclosed.
This news release contains, among other things, certain statements of a forward-looking nature relating to future events or the future business performance of Bausch & Lomb. Such statements involve a number of risks and uncertainties including those concerning economic conditions, currency exchange rates, product development and introduction, the financial well-being of key customers, the successful execution of marketing strategies, the continued successful implementation of its efforts in managing and reducing costs and expenses, as well as the risk factors listed from time to time in the Company’s SEC filings, including but not limited to filings on Form 8-K and on Form 12b-25, each dated August 8, 2006.
About Alimera Sciences Inc.
Atlanta-based Alimera Sciences Inc., a venture backed company, specializes in the development and commercialization of over-the-counter and prescription ophthalmology pharmaceuticals. Founded by an executive team with extensive development and revenue growth expertise, Alimera initiated a Phase III clinical trial in October 2005 to study diabetic macular edema (DME) patients treated using Medidur™ with fluocinolone acetonide, the company’s pharmacologic treatment for DME. Alimera Sciences also sells Soothe® nationwide, the market’s first multi-dose, emollient-based artificial tear product. www.alimerasciences.com
About Bausch & Lomb
Bausch & Lomb is the eye health company, dedicated to perfecting vision and enhancing life for consumers around the world. Its core businesses include soft and rigid gas permeable contact lenses and lens care products, and ophthalmic surgical and pharmaceutical products. The Bausch & Lomb name is one of the best known and most respected healthcare brands in the world. Founded in 1853, the Company is headquartered in Rochester, New York. Bausch & Lomb employs approximately 13,700 people worldwide and its products are available in more than 100 countries. More information about the Company is on the Bausch & Lomb Web site at www.bausch.com. Copyright Bausch & Lomb Incorporated.
Bausch & Lomb News Media: Barbara M. Kelley, 585-338-5386 bkelley@bausch.com
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Bausch & Lomb Investor Relations: Daniel L. Ritz, 585-338-5802 dritz@bausch.com
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Alimera Sciences: Fleishman-Hillard Lisa Gibson Lake, 404-739-0152 lisa.gibson@fleishman.com