After withdrawing an improved offer to buy ISTA Pharmaceuticals, Valeant Pharmaceuticals has entered into a definitive agreement to acquire Eyetech in order to expand its presence in the ophthalmology market. With the acquisition, Valeant will gain Macugen® (pegaptanib sodium), the first vascular endothelial growth factor (VEGF) inhibitor to be approved for wet age-related macular degeneration, which is been marketed by Eyetech in the US. The deal includes an upfront payment and potential future milestones and its total value is reportedly significantly less than twice Eyetech’s sales.