iSTAR Medical

History

2022: AbbVie buys iSTAR Medical business for $60m

On July 20, 2022, AbbVie announced that it would pay $60 million for the purchase of the Belgian company iSTAR Medical, which is developing a minimally invasive device for glaucoma surgery.

AbbVie has also struck a deal to develop and commercialize iSTAR Medical's MINIject device, a small invasive device designed to reduce intraocular pressure. As of July 2022, the implant is sold in the European Union (EU), and continues to undergo clinical trials in the United States.

AbbVie bought iSTAR Medical business

AbbVie will assist in the development and commercialization of the MINIject device until this study is completed. The study is expected to involve 975 patients and will end in 2025, analysts told BTIG. BTIG analysts added that while the deal will not change the landscape of surgical glaucoma, it signals AbbVie's intention to expand into the mild to moderate glaucoma segment.

As a leading eye care company, aiming for a broad and diverse portfolio of front-to-back eye drugs, and our global presence and infrastructure in glaucoma. We are well positioned to support the proposal for minimal invasive glaucoma surgery for patients and glaucoma specialists through this strategic alliance with iSTAR Medical, "said AbbVie Global Therapeutic Area Head of Eye Care Michael Robinson.

Upon completion of the trials, AbbVie has the exclusive right to acquire iSTAR and lead the global development and commercialization of its glaucoma surgery device, under the terms of the agreement. AbbVie will make an advance payment of $60 million, and iSTAR Medical shareholders will be able to receive up to $475 million in additional contingent payments if the company achieves certain contract goals to bring MINIject to market.^[1]

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