A month after its initial announcement, Harrow has officially acquired the exclusive U.S. rights to five FDA-approved branded ophthalmic products from Novartis. This marks the second deal between the two companies in less than a year.
What are the products?
The transaction includes: Ilvero (nepafenac ophthalmic suspension) 0.3%; Nevanec (nepafenac ophthalmic suspension) 0.1%; Vigamox (moxifloxacin hydrochloride ophthalmic suspension) 0.5%; Maxidex (dexamethasone ophthalmic suspension) 0.1%; and Triesence (triamcinolone acetonide injectable suspension) 40 mg/ml. (via)
How much is the deal worth?
Harrow paid a total of $130 million at closing. An additional $45 million payment will be due once Triesence is commercially available, likely in the second half of 2023.
Anything else notable about it?
Novartis will continue to sell the five products in the U.S. market during a 6-month non-disclosure agreement (NDA) transfer period, during which it will transfer all net profits to Harrow.
After the period, Harrow will take control of U.S. market dealings and begin the process of having third-party manufacturers for the products.
What’s the bottom line?
This acquisition just gave Harrow a major stake in the U.S. ophthalmic pharmaceutical market.