In an agreement announced by the companies, Istar Medical will receive a $60 million nondilutive upfront payment from Abbvie to continue to develop and commercialize its Miniject through completion of the STAR-V clinical study. In return, Abbvie will hold the exclusive right to acquire Istar Medical and lead subsequent global development and commercialization of the device.

“This alliance with Istar Medical is an important step as we continue to be an innovator in glaucoma by maximizing the value of interventional approaches throughout the treatment paradigm,” said Michael Robinson, MD, vice president and global therapeutic area head of eye care for Abbvie, in a news release.

If Abbvie exercises the right to acquire Istar, the latter’s stockholders would also be eligible for additional contingent payments of up to $475 million in a closing payment and upon achievement of certain predetermined milestones, the release stated. Istar Medical will remain an independent company through the completion of the STAR-V study.

“Today’s announcement is validation of the transformational role of Miniject in the treatment of glaucoma,” said Michel Vanbrabant, CEO of Istar Medical. “Our commitment has always been to enable more glaucoma patients globally to be treated effectively in a minimally invasive manner with our Miniject MIGS device, and this alliance accelerates that goal.”