Tyrvaya varenicline nasal spray maker Oyster Point Pharma announced that its board of directors has approved the company’s plans to be acquired by Viatris for $11 per share at closing plus up to $2 per share if Oyster Point achieves certain performance goals for 2022. The FDA approved Tyrvaya for the treatment of dry eye disease in October 2021. Oyster Point is also developing OC-01 varenicline nasal spray for the treatment of neurotrophic keratopathy.
Viatris CEO Michael Goettler commented, “Oyster Point Pharma brings to Viatris the strength of Tyrvaya nasal spray, the first and only FDA-approved nasal spray for dry eye in the US, an eye care focused pipeline, and a very experienced team that possesses extensive knowledge of the ophthalmology space from a clinical, medical, regulatory and commercial perspective. Together, we believe we are setting the foundation for the next global ophthalmology leader, accelerating efforts to address the unmet needs of patients with ophthalmic disease and the eye care professionals who treat them, and positioning Viatris for growth.”
Oyster Point President and CEO Jeffrey Nau said, “We are pleased to announce Viatris’ proposed acquisition of Oyster Point Pharma, recognizing the exciting opportunities that lie ahead of us. Through our efforts to license our innovations globally, we recognized that Viatris would be an optimal partner with its Global Healthcare Gateway. With Viatris’ global capabilities and commitment to ophthalmology, we expect to be able to expand Tyrvaya’s impact on the dry eye landscape and accelerate our exciting pipeline. With our combined sector expertise, innovation, scale, pipeline and global commercial reach, we expect to build a world-class ophthalmology business to meaningfully shape the future of eye care, to the benefit of patients.”
Read the Oyster Point Pharma press release.
