DUBLIN, Ireland and MENLO PARK, Calif.—Allergan plc (NYSE: AGN) and ForSight VISION5, a privately held, clinical-stage biotechnology company focused on eyecare, announced they have entered into an agreement under which Allergan will acquire ForSight VISION5.

Under the terms of the agreement, Allergan will acquire ForSight VISION5 for a $95 million upfront payment and a launch milestone payment related to ForSight's lead development program, a peri-ocular ring designed for extended drug delivery and reducing elevated intraocular pressure (IOP) in glaucoma patients.

"The acquisition of ForSight and its ocular ring technology builds on Allergan's rich history and deep commitment to eyecare innovation," said Brent Saunders, CEO and president of Allergan. "The acquisition of this ring technology demonstrates our commitment to advancing products that can profoundly change the way patients receive treatment—through innovation that helps address non-compliance, increases adherence and improves tolerability."

Today, the most common treatment to lower elevated intraocular pressure (IOP) in open-angle glaucoma is eye drop therapies. Nearly half of patients who are prescribed eye drops to manage their glaucoma may stop refilling their prescriptions after six months, often because of difficulty in using drops.

The ring is a preservative-free, non-invasive peri-ocular product that rests on the surface of the eye (under the eyelids). It is inserted by an ophthalmologist or optometrist, and releases medication (bimatoprost) over multiple months to lower elevated IOP in glaucoma and ocular hypertensive patients.

David Nicholson, chief R&D officer for Allergan said, "ForSight's ring technology has been shown to provide long-term intraocular pressure reduction through a non-invasive, passive technology for glaucoma and ocular hypertensive patients. If approved, this technology could provide an important advance to address the significant challenges of patient compliance and adherence in glaucoma, a disease that is expected to impact more than 80 million people worldwide by 2020 and be a leading cause of blindness globally."

The transaction is subject to the satisfaction of customary closing conditions and is expected to be completed within 60 days.