The deal is expected to close this year.

Private equity firm Auven Therapeutics is selling portfolio company Ocular Technologies Sarl to India-based Sun Pharmaceutical Industries.

Ocular Technologies holds the rights to Seciera, a drug being developed for the treatment of dry eye disease. Seciera is currently being evaluated in a Phase 3 trial.

In the transaction, Auven will receive an upfront payment of $40 million plus “substantial contingent development and sales milestones.” Auven will also receive tiered royalties on global sales of Seciera.

“We believe that the Sun Pharma team has the ophthalmology expertise, the corporate focus and the commercial resources to launch Seciera aggressively in the U.S. and major global markets,” said Stephen Evans-Freke, co-founder and managing general partner of Auven Therapeutics. “We are confident Sun will optimize Seciera’s impact on a large, rapidly growing disease indication that is clearly underserved by currently available treatment options.”

Jerry Peter, vice-president and head of Sun Ophthalmics, said his unit hopes to “bring Seciera to ophthalmologists and optometrists globally, the market for which is estimated to touch $5 billion worldwide by 2020," the Business Standard reports.

The deal is expected to close before the end of 2016.

Read the press release

Read more at the Business Standard

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