AbbVie, iSTAR Medical Inks Strategic Alliance For Glaucoma Treatment - AbbVie (NYSE:ABBV)

AbbVie Inc ABBV announced a strategic transaction to develop and commercialize iSTAR Medical's MINIject device, a minimally invasive glaucoma surgical (MIGS) device.
This complementary alliance will support iSTAR Medical's development and commercial efforts for MINIject, and provide an opportunity to expand AbbVie's eye care business.
MINIject received European approval in the last quarter of 2021 and launched commercially in select European countries in early 2022.
iSTAR Medical is currently enrolling in a U.S. Premarket Approval study (STAR-V) to enable commercialization in the U.S.
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Under the terms of the agreement, iSTAR Medical will receive a $60 million non-dilutive upfront payment. It will continue to develop and commercialize MINIject until the completion of the STAR-V clinical study.
AbbVie will hold the exclusive right to acquire iSTAR Medical and lead subsequent global development and commercialization of the MINIject device.
If AbbVie exercises the right to acquire iSTAR, the stockholders of iSTAR Medical would also be eligible to receive additional contingent payments of up to $475 million.
Price Action: ABBV shares are up 0.22% at $150.07 during the market session on the last check Wednesday.