Global pharmaceutical company Allergan has completed the acquisition of US-based development stage medical device firm Oculeve in an all-cash transaction valued at $125m.

Under the agreement, Allergan will pay commercialisation milestone payments related to Oculeve’s lead development programme, OD-01. The agreement also includes the acquisition of an additional earlier stage dry eye device development programme.

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

"Dry eye is currently an underserved condition, with many patients not receiving adequate treatment from over-the-counter options."

OD-01 is a non-invasive nasal neurostimulation device that increases tear production in patients with dry eye disease.

Allergan president Brent Saunders said: "The acquisition of Oculeve further enhances Allergan’s world-class position in eye care and underscores our commitment to continuing to develop a broad range of treatment options for patients with eye conditions.

"Dry eye is currently an underserved condition, with many patients not receiving adequate treatment from over-the-counter options.

"Allergan is committed to expanding our product offerings in this category, and the development of OD-01, an intranasal neurostimulation device, is complementary to our market-leading dry eye treatment, Restasis, as well as other dry eye products in development within our pipeline."

Oculeve completed four clinical studies of OD-01 in 200 patients that demonstrated positive safety and efficacy of the device.

Allergan is planning two additional pivotal trials prior to US Food and Drug Administration submission, which is expected in 2016 with potential commercial launch during the following year.

Chronic dry eye is a disease caused by advanced age, contact lens wear, certain medications, eye diseases and other medical conditions or environmental factors. The disease is estimated to affect 25 million patients in the US.