AbbVie takes an option on a Walloon medtech - PC Trends

AbbVie takes an option on a Walloon medtech – PC Trends

The Belgian firm iStar, which specializes in the treatment of glaucoma, an eye disease affecting 100 million people worldwide, has just received 60 million from the American giant AbbVie which, moreover, confirms its intention to buy the company …

Wallonia is full of promising young companies active in the medical field, whether biotech or medtech. And it’s not just the regional microcosm that says so. Recently, the American pharmaceutical giant AbbVie also confirmed this by entering into a strategic partnership with the firm iStar Medical. Located in Wavre, the latter specializes in the treatment of glaucoma, a disease …

Wallonia is full of promising young companies active in the medical field, whether biotech or medtech. And it’s not just the regional microcosm that says so. Recently, the American pharmaceutical giant AbbVie also confirmed this by entering into a strategic partnership with the firm iStar Medical. Located in Wavre, the latter specializes in the treatment of glaucoma, an eye disease that can lead to blindness and which affects more than 100 million people worldwide. Against glaucoma, iStar has developed MINIject, a minimally intrusive implant device. Approved on the European market at the end of 2021, the implant developed by the Walloon firm must now undergo a clinical study in the United States before considering marketing there. It was therefore at the right time that the deal with AbbVie came about, which undertook to pay 60 million euros (non-dilutive injection) to iStar and granted itself the exclusive right to acquire the firm in the event that the American administration (the FDA) would approve MINIject on its territory at the end of the clinical study (probably by 2026). The amount of the deal is already established and could reach up to 475 million dollars. For the American giant, which generates more than $56 billion in revenue (2021), iStar and its innovative technology would complete a portfolio that already includes – different – solutions against glaucoma. For iStar, in addition to the recognition of its global potential, the “partnership” with AbbVie represents significant financial support while the firm will have to both manage the clinical study under the strict gaze of the FDA and continue its product and business. Investors who have backed iStar with €55 million since its inception in 2011 include SRIW, GIMV, Capricorn Partners, and more. For them, the AbbVie option is also very good news since it gives them a glimpse of great added value.

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