WATERTOWN, Mass.—pSivida Corp. (NASDAQ:PSDV) (ASX:PVA), a specialty biopharmaceutical company that develops ophthalmic products, is acquiring Icon Bioscience. Icon is a specialty biopharmaceutical company whose lead product, DEXYCU, is an intraocular product that is FDA-approved for the treatment of postoperative inflammation. Essex Woodlands (EW) Healthcare Partners, a growth equity firm, and a third-party investor will make an equity investment in pSivida for a total of up to approximately $60.5 million. SWK Holdings will provide up to $20 million in debt financing.

pSivida Corp. will rebrand and change its name to EyePoint Pharmaceuticals Inc. (NASDAQ:EYPT) effective April 2, 2018.

The acquisition and additional funding will significantly accelerate pSividia’s transformation to a specialty biopharmaceutical company with the potential to commercialize two ophthalmic products in the first half of 2019, the company said in a statement.