Alimera Sciences, a privately-held company headquartered in Atlanta, GA and Bausch & Lomb (NYSE:BOL) recently announced that Bausch & Lomb has purchased Alimera’s OTC allergy franchise, including Alaway (ketotifen fumarate ophthalmic solution 0.025%), which was recently approved by the U.S. Food and Drug Administration.

Alaway is an antihistamine indicated for up to 12 hours of temporary relief for itchy eyes due to ragweed, pollen, grass, animal hair and dander. Alaway contains the same active ingredient and strength and is shown to be therapeutically equivalent to Zaditor™, a prescription product being switched to OTC by Novartis.

“The acquisition of Alaway not only enhances our current OTC product portfolio by giving us a stronger and longer-lasting product to address the needs of consumers who suffer itchy eyes, but it also gives us an excellent technology platform for the development of product line extensions in the ocular allergy category,” said Gary M. Phillips, MD, corporate vice president and global pharmaceutical category leader for Bausch & Lomb.

“We are delighted by this transaction with a leading company like Bausch & Lomb and their valuation of our allergy franchise,” said Dan Myers, president and chief executive of Alimera. “The monetization of this franchise represents a strong return on our investment in the OTC business and allows us to focus our attention and resources on Medidur™, our investigational drug currently in Phase 3 clinical trials for the treatment of diabetic macular edema (DME), and to pursue the development of other drug delivery technologies.”

Financial details of the transaction were not disclosed.

Earlier this month Alimera closed a Series B round with a total of $31.8 million, from firms like BA Venture Partners, Domain Associates, Intersouth Partners, Polaris Venture Partners and Venrock Associates.

www.alimerasciences.com