Sanofi-Aventis, a well-known pharmaceutical company, has entered into a binding agreement for the acquisition of Fovea Pharmaceuticals SA.

Incorporated in 2005, Fovea Pharmaceuticals, SA, a biopharmaceutical company, engages in the development and commercialization of drugs for the treatment of ocular diseases. It focuses on retinal degeneration, macular edema, glaucoma, and inflammation.

Under the deal, Sanofi-Aventis will acquire Fovea for a total enterprise value of up to Euros 370 millions, which include an immediate upfront payment and subsequent milestone payments related to the three clinical compounds.

The closing of the transaction is expected to complete in the fourth quarter of 2009, which is further subject to antitrust clearance under the Hart-Scott-Rodino Antitrust Improvements Act.