Harrow buys exclusive U.S. rights to five Novartis ophthalmic drugs for $130M upfront

HARROW, INC.

Deal: $130M upfront plus up to $45M milestone on TRIESENCE commercial availability; Q1 2023 close subject to HSR clearance.
Products: ILEVRO, NEVANAC, VIGAMOX, MAXIDEX, TRIESENCE – FDA-approved for cataract surgery, infection, inflammation, and vitrectomy.
During ~6-month NDA transfer, Novartis continues sales and remits net profit to Harrow; thereafter Harrow controls U.S. market.
2023 guidance: net revenue $135-143M, adjusted EBITDA $44-50M, with both expected to ramp in 2024+.
CEO calls it a landmark transaction that positions Harrow as a leader in the U.S. ophthalmic pharmaceuticals market.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

HARROW, INC. entered into Asset Purchase Agreement with Novartis Technology, LLC and Novartis Innovative Therapies AG valued at $130,000,000 (effective 2022-12-13).

Action: entry
Agreement: asset purchase
Counterparty: Novartis Technology, LLC and Novartis Innovative Therapies AG
Value: $130,000,000
Effective: 2022-12-13

Exact text from the filing

On December 13, 2022, Harrow Health, Inc. along with its wholly-owned subsidiaries, Harrow IP, LLC and Harrow Eye, LLC (individually and together the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Novartis Technology, LLC and Novartis Innovative Therapies AG (together, “Novartis”), pursuant to which the Company agreed to purchase from Novartis the exclusive commercial rights to assets associated with the following ophthalmic products (collectively the “Products”) in the U.S. (the “Acquisition”): ILEVRO® (nepafenac ophthalmic suspension) 0.3%; NEVANAC® (nepafenac ophthalmic suspension) 0.1%; VIGAMOX® (moxifloxacin hydrochloride ophthalmic solution) 0.5%; MAXIDEX® (dexamethasone ophthalmic suspension) 0.1%; and TRIESENCE® (triamcinolone acetonide injectable suspension) 40 mg/ml.

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Source: SEC EDGAR

accession 0001493152-22-035372

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