SEATTLE — Omeros Corp. has completed the sale of Omidria, a drug for use during eye surgery, to Rayner Surgical Group Inc.
Seattle-based Omeros (Nasdaq: OMER) received approximately $126 million in cash at closing. In addition, Omeros retains the full amount of accounts receivable outstanding as of closing. It’s also eligible to receive $200 million in a commercial milestone payment.
Together with royalties to be paid by Rayner to Omeros on net sales of Omidria, the transaction is valued in excess of $1 billion.
Omidria (phenylephrine and ketorolac intraocular solution 1.0%/0.3%) is an FDA-approved product marketed in the U.S. for use during cataract surgery or intraocular lens replacement. It maintains pupil size by preventing intraoperative miosis (pupil constriction) and to reduce postoperative ocular pain. It is the only NSAID-containing product FDA-approved for intraocular use.
Omidria will become a key product in Rayner’s ophthalmology franchise, which includes intraocular lenses, ophthalmic viscoelastic devices and dry eye treatments, according to a press release. As part of the agreement, Rayner acquired the Omidria commercial organization, including its sales force. United Kingdom-based Rayner plans to expand the sales force both inside and outside the U.S.
