2023-07-19 07:38:43 ET
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Harrow Health ( NASDAQ: HROW ) has signed agreements with affiliates of Santen Pharmaceutical to acquire certain US and Canadian commercial rights for some of the branded ophthalmic products from the latter.
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The stock is down 0.5% in premarket trade on Wednesday.
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According to the company, the transaction includes U.S. and Canadian commercial rights to six therapeutics, including two non-prescription brands.
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The US products are FLAREX, NATACYN, TOBRADEX, VERKAZIA, ZERVIATE, FRESHKOTE, while the Canadian products are VERKAZIA, Cationorm PLUS.
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Harrow management expects the transaction to be immediately financially accretive upon the transfer of the product marketing authorizations, and expects the deal to cut down its total leverage ratio of adjusted EBITDA to debt.
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The funding for this deal was provided via the expansion of Harrow’s secured credit facility with funds managed by Oaktree Capital Management.
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In a separate deal, Santen reached an out- licensing pact with Visiox Pharmaceuticals Inc. on the rights to product manufacturing, commercialization, and sales of OMLONTI, an eye drop for the reduction of elevated intraocular pressure (IOP) in patients with glaucoma or ocular hypertension.
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Per the terms of the agreement, Santen grants Visiox exclusive rights in the U.S. for product manufacturing and commercialization of OMLONTI. Santen is eligible to receive sales milestone payments, as well as royalties on net U.S. sales of OMLONTI.
For further details see:
Harrow acquires US and Canadian commercial rights for Santen’s Ophthalmic products