Rayner Surgical to acquire Omidria in deal valued at more than $1 billion
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Omeros will sell Omidria to Rayner Surgical Group Limited in a transaction valued at more than $1 billion, according to a press release from Omeros.
The transaction is expected to be finalized on or before Dec. 31 and includes an upfront payment of $125 million to Omeros. Additionally, Rayner will pay Omeros $200 million in a commercial milestone payment, the release said.
“We look forward to continue growing U.S. sales of Omidria and the rest of our portfolio and to launching EMA-approved Omidria throughout Europe and other regions of the world, consistent with our mission of offering superior products and outcomes for surgeons and their patients,” Tim Clover, CEO of Rayner, said in the release.
The royalty rate will be 50% of U.S. net sales of Omidria (phenylephrine 1% and ketorolac 0.3% intraocular solution) until Jan. 1, 2025, or until the $200 million commercial milestone is paid, whichever comes first. After that, Omeros will receive 30% of U.S. net sales of Omidria for the life of the patent. Outside of the U.S., Omeros will receive 15% of Omidria net sales through the life of the patents, varying on a country-to-country basis.
“We are immensely proud of our Omidria team and its achievements over the last 7 years,” Gregory A. Demopulos, MD, chairman and CEO of Omeros, said in the release. “Omidria has become an important part of cataract surgery, de-risking the procedure for surgeons and improving patient outcomes.”
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