Omeros sells Omidria to Rayner Surgical
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Omeros has completed its sale of Omidria to Rayner Surgical Group, according to a press release.
As part of the sale, Omeros received about $126 million in cash in exchange for Omidria (phenylephrine and ketorolac intraocular solution 1.0%/.3%). Additionally, Omeros will retain access to its outstanding accounts receivable and is entitled to collect the full amount as of the closing date of Dec. 23, 2021, according to the press release.
Omeros is also eligible to receive up to $200 million in commercial milestone payments.
Rayner will pay royalties on US and ex-US net sales, according to the release. The rate will be 50% of US net sales until Jan. 1, 2025, or Rayner reaches the $200 million milestone. After the milestone, Rayner will pay Omeros 30% of US net sales for the duration of the patent. Internationally, the royalty rate will be 15% on net sales “throughout the applicable patent life on a country-by-country basis.”
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