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Glaukos acquiring Avedro in all-stock deal

San Clemente, Calif.-based Glaukos Corp. agreed to acquire Avedro Inc. in an all-stock transaction.

Avedro manufactures medical devices for eye disorders, while Glaukos develops and commercializes surgical devices and treatments for glaucoma, a condition that causes damage to the eye's optic nerve.

Under the definitive agreement, Avedro shareholders will receive 0.365 share of Glaukos for each share held. Upon closing, Glaukos shareholders are expected to own about 85% of the combined company, with Avedro shareholders owning the remaining 15%.

Waltham, Mass.-based Avedro's shareholders, who collectively own about 41% of the outstanding shares of the company, have agreed to vote in favor of the transaction.

Glaukos said the acquisition will add Avedro's bio-activated pharmaceuticals and its pipeline of topical ophthalmic pharmaceuticals to the company's new corneal health franchise.

The transaction is also expected to boost Glaukos' research and development capabilities and strengthen multiple corneal health and vision correction development initiatives.

Glaukos expects to close the deal in the fourth quarter, subject to customary closing conditions and regulatory approvals.

The acquisition is expected to accelerate Glaukos' revenue growth rate in 2020 and be accretive to its operating results and cash flows by 2021.

Perella Weinberg Partners LP is serving as financial adviser. O'Melveny & Myers LLP is serving as legal adviser to Glaukos, Guggenheim Securities is serving as financial adviser, and Cooley LLP is serving as legal adviser to Avedro for the deal.