Global pharmaceutical company Allergan has signed an agreement to acquire US-based development stage medical device firm Oculeve in an all-cash transaction valued at $125m.

Headquartered in south San Francisco, California, Oculeve is involved in developing new technologies for dry eye disease.

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Under the agreement, Allergan will pay commercialisation milestone payments related to Oculeve’s lead development programme, OD-01.

"Allergan’s position and expertise in eye care will maximise the development and potential commercialisation of the OD-01 technology."

The OD-01 is a non-invasive nasal neurostimulation device that increases tear production in patients with dry eye disease, and has completed four clinical studies in more than 200 patients, showing positive safety and efficacy.

Allergan plans to conduct two additional pivotal trials prior to submission to US Food and Drug Administration, which is expected in 2016 with a potential commercial launch in 2017.

Allergan global brands research and development executive vice-president David Nicholson said: "The OD-01 programme has been shown to provide a strong safety and efficacy profile, and if approved, would provide an exciting new treatment option for patients that is complementary to our existing product offerings in this important treatment area."

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Oculeve president Michael Ackermann said: "Allergan’s position and expertise in eye care will maximise the development and potential commercialisation of the OD-01 technology."

The deal will also enable Allergan to acquire Oculeve’s additional earlier stage dry eye device development programme. Subject to pending approvals, the company expects to close the transaction in the third quarter of this year.