With the memory of Dec. 20’s stock-denting, top-line phase III fizzle by Aldeyra Therapeutics Inc. in dry eye disease (DED) still fresh, Palatin Technologies Inc. is launching a late-stage effort in the same indication. Aldeyra offered data from the Tranquility trial with reproxalap – a small-molecule, immune-modulating covalent inhibitor of reactive aldehyde species, known as RASP, formulated as an ophthalmic solution – that showed a miss on the primary endpoint of ocular redness.

DUBLIN – Novartis AG is deepening its commitment to ocular gene therapy by picking up Gyroscope Therapeutics Ltd. for $800 million up front and up to $700 million more in potential milestone payments.

What one analyst called “fantastic external validation but, even more importantly, great for the cell therapy and regenerative medicine space” arrived in the form of Lineage Cell Therapeutics Inc.’s potential $670 million deal with Roche Holding AG. With its subsidiary, Cell Cure Neurosciences Ltd., Lineage signed an exclusive worldwide collaboration and license pact with Roche and its Genentech arm.

Acelyrin Inc. closed a $250 million series B round and, at the same time, unveiled a licensing deal with Affibody AB, involving an interleukin-17A (IL-17A) inhibitor, izokibep, which it is now testing in a pivotal trial in uveitis. Solna, Sweden-based Affibody is getting $25 million up front and could earn up to $280 million more in regulatory and sales-based milestones, as well as tiered royalties, ranging from high single digits to low double digits in percentage terms.

Alcon AG plans to acquire Ivantis Inc. for $475 million at closing, regaining a significant position in the lucrative minimally invasive glaucoma surgery (MIGS) space through the addition of the Hydrus microstent device to its ophthalmology portfolio. In addition to the up-front payment, the deal includes additional unspecified contingent payments dependent on achievement of certain milestones. The transaction is expected to close in the first quarter of 2022.