- Eyecare pharmaceutical company Harrow Health ( NASDAQ: HROW ) announced an agreement on Wednesday to acquire the exclusive U.S. commercial rights to several FDA?approved ophthalmic products from Novartis ( NYSE: NVS ) ( OTCPK:NVSEF ).
- The deal, expected to close in Q1 2023, marks the second such transaction between the two companies. It covers five treatments, including Ilevro and Nevanac, which are indicated in the U.S. for pain and inflammation associated with cataract surgery. Novartis ( NVS ) will retain overseas rights for the products.
- Per the terms, Harrow ( HROW ) is expected to make a $130M payment at the closing and an additional $45M subject to the commercial launch of Triesence injection, which is expected in H2 2023.
- “This is a landmark transaction for Harrow, catapulting Harrow into a leadership position in the U.S. ophthalmic pharmaceuticals market,” Chief Executive of Harrow ( HROW ) Mark Baum said.
- In conjunction with the agreement, Harrow ( HROW ) announced an equity offering and debt offering on Wednesday.
For further details see:
Novartis in pact with Harrow Health to sell U.S. rights for eyecare products