Valeant Pharmaceuticals International has agreed to acquire Eyetech, a privately-owned ophthalmic biotechnology company, for an undisclosed upfront payment and potential future milestones.

Eyetech, focused on the treatment of sight-threatening diseases of the retina, currently markets Macugen in the U.S., the first anti-VEGF inhibitor approved for the treatment of wet age-related macular degeneration (AMD). The transaction is expected to be immediately accretive.

“This acquisition of Eyetech will fit nicely with our existing ophthalmology business, which includes a preservative free Timoptic in Ocudose and Lacrisert, products obtained through our acquisition of Aton in 2010,” stated J. Michael Pearson, chairman and CEO, Valeant. “The ophthalmology market has similar characteristics to the dermatology space and is a natural extension of our development capabilities.”

The transaction, which is subject to customary closing conditions, is expected to close this week.