AbbVie in Novel ‘Option to Acquire’ iStar Medical
November 7, 2022
Cleary Gottlieb is representing AbbVie in its acquisition of an “option to acquire” all equity securities of iStar Medical SA (iStar).
Under the terms of the agreement, iStar Medical will receive a $60 million non-dilutive upfront payment and will continue to develop and commercialize MINIject until completion of the STAR-V clinical study. AbbVie will hold the exclusive right to acquire iStar and lead subsequent global development and commercialization of the MINIject device. If AbbVie exercises the right to acquire iStar, the stockholders of iStar would also be eligible to receive additional contingent payments of up to $475 million in a closing payment and upon achievement of certain predetermined milestones.
To our knowledge, this is the first option to acquire structure in Belgium, and one of the first in Europe.
iStar is a commercial-stage medical technology company that has developed ophthalmic implants (Minimally-Invasive Glaucoma Surgery or MIGS devices) for patients suffering from glaucoma. iStar’s product, commercially known as MINIject, has been approved for use in the EU, but not yet in the U.S.
AbbVie is a global pharmaceutical and life science company listed on the New York Stock Exchange. Its mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. AbbVie strives to have a remarkable impact on people’s lives across several key therapeutic areas: immunology, oncology, neuroscience, eye care, virology, women’s health, and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio.