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Allergan PLC, which has its eye drug hub in Irvine, said today that it is buying Aliso Viejo-based AqueSys Inc. for $300 million up front, with the potential for milestone payments.

AqueSys is a developer of implants that lower intraocular pressure in people with glaucoma, an eye disease that is a major cause of blindness. Its lead device, Xen45, is approved overseas and is expected to earn Food and Drug Administration approval late next year or in early 2017.

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Allergan, which has its legal headquarters in Dublin and operates from New Jersey, sought privately held AqueSys, a venture-backed company that raised nearly $80 million since its founding nine years ago, as part of its efforts in “introducing novel treatments for patients with glaucoma,” said Brent Saunders, the company’s chief executive, in a statement.

Shares of the company closed down 1% to a market value of $117 billion.