Harrow to acquire US rights for five ophthalmic products from Novartis
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Harrow has entered into an agreement to acquire the exclusive U.S. commercial rights to five FDA-approved ophthalmic products from Novartis, according to a press release.
The binding agreement grants Harrow the U.S. rights to Ilevro (nepafenac ophthalmic suspension) 0.3% and Nevanac (nepafenac ophthalmic suspension) 0.1% for cataract surgery-associated pain and inflammation, Vigamox (moxifloxacin hydrochloride ophthalmic solution) 0.5% for treatment of bacterial conjunctivitis, Maxidex (dexamethasone ophthalmic suspension) 0.1% for the treatment of steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea and anterior segment of the globe, and Triesence (triamcinolone acetonide injectable suspension) 40 mg/mL for the treatment of certain ophthalmic diseases and for visualization associated with vitrectomy.
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At closing, Harrow will make a one-time payment of $130 million to Novartis for the rights of the products, with up to an additional $45 million payable in a milestone payment when Triesence is made commercially available. Harrow will assume control over all U.S. market activities and begin a process to have the products manufactured by third parties after a 6-month transfer period.
The rights to all products outside the U.S. will remain with Novartis.
“This is a landmark transaction for Harrow, catapulting Harrow into a leadership position in the U.S. ophthalmic pharmaceuticals market,” Mark L. Baum, CEO of Harrow, said in the release. “Following the satisfaction of the relevant closing conditions, these products will be immediately accretive to our revenues and excellently complement our current portfolio of ophthalmic prescription products.”
The transaction is expected to close in early 2023.
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