OYST - Oyster Point Pharma jumps 37% as Viatris agrees to acquire for $11/share in cash
Updated to add latest share price moves
- Oyster Point Pharma ( NASDAQ: OYST ), a company focused on eye disorders, announced Monday that Viatris ( NASDAQ: VTRS ) agreed to acquire it for $11.00 per share in cash plus a contingent value right (CVR).
- After a brief clinical hold, Oyster ( OYST ) shares jumped ~37% in reaction to the news.
- The company said that its shareholders owning about 46% of the common stock, have agreed to tender their shares in support of the deal, which is expected to close in Q1 2023.
- The CVR entitles Oyster ( OYST ) stockholders to receive a potential per share cash payment of up to $2.00, subject to the achievement of certain commercial milestones related to the company’s FDA-approved dry eye disease therapy, Tyrvaya.
- Viatris ( VTRS ) Chief Executive Michael Goettler identified the deal as an initial step to become “the next global ophthalmology leader.”
- Viatris ( VTRS ) has added ~3% after the company announced its Q3 2022 financials.
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Oyster Point Pharma jumps 37% as Viatris agrees to acquire for $11/share in cash