Nashville, Tenn.-based eyecare pharmaceutical company Harrow has acquired the U.S. commercial rights to five FDA-approved ophthalmic medications from Novartis for $175 million.
The transaction is the second acquisition between Novartis and Harrow. The five medications acquired by Harrow include:
1. Ilevro: an anti-inflammatory eye drop for cataract surgery.
2. Nevanac: also an anti-inflammatory eye drop for cataract surgery.
3. Vigamox: an antibiotic eye drop for bacterial conjunctivitis.
4. Maxidex: a steroid eye drop for inflammatory conditions of the cornea.
5. Triesence: a steroid injection for the treatment of certain ophthalmic diseases.
Harrow will pay Novartis $130 million at closing, and an additional $45 million when Triesence becomes commercially available, which is expected in the second half of 2023.
During a six month transfer period, Novartis will continue to sell the medications in the U.S. Novartis will retain all sales rights outside of the U.S.
The transaction is expected to close in early 2023, subject to regulatory approvals, according to a Dec. 14 press release.