Actavis to pursue development of eye drug

Actavis will continue to develop a competitor to Roche's Lucentis, which is indicated for wet age-related macular degeneration, following the company's acquisition of Allergan.

Allergan signed a licensing agreement in 2011 with Molecular Partners to develop the new drug, which is called abicipar.

Molecular Partners said it expects the Phase-III clinical trial of abicipar to begin this summer. The companies hope to market a drug that can improve vision and that has a dosing schedule that requires fewer monthly injections than the one to three injections per month that Lucentis requires.

Actavis completed its Allergan acquisition in March.