Avedro develops single-use drug formulations that are designed to strengthen corneal tissues and stop the progression of degenerative corneal ectatic disease keratoconus.
“Today marks an important day for Glaukos as Avedro will serve as the cornerstone of our new corneal health franchise,” Glaukos president and CEO Thomas Burns said in a news release. “This transaction airs two highly complementary, hybrid pharma and device organizations, combining Avedro’s novel bio-activated pharmaceutical solutions and R&D capabilities with Glaukos’s global commercial scale, proven market-building and shared reimbursement expertise and extensive clinical and regulatory infrastructure. We’re excited to welcome the talented Avedro employees to the Glaukos organization to help build upon our solid foundation to transform Glaukos into a global ophthalmic pharmaceutical and device leader capable of serving the vision care needs of physicians and their patients for years to come.”
Glaukos announced in August that it would be buying Avedro in an effort to build out its corneal health franchise.
Shares in GKOS were up 0.31% to $63.29 apiece in mid-morning trading.