OccuLogix Buys Part of OcuSense

The company will take a 50.1% stake.
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OccuLogix (OCCX) says it's agreed to acquire more than half of OcuSense, a company developing diagnostic tests for eye conditions.

Under the agreement, the company will buy 50.1% of OcuSense stock for up to $8 million. Once the deal closes, OccuLogix will pay OcuSense $2 million.

The company will make an additional payment of $2 million on Jan. 1, then pay $2 million each for the achievement of two milestones on the condition that they're reached prior to May 1, 2009. The agreement also includes ways for OccuLogix to increase its ownership interest in OcuSense.

OccuLogix shares fell 1.1% to $1.89 Thursday.