HARROW, INC. (HROW): M&A transaction — Harrow closes $130M acquisition of five branded ophthalmic products from Novartis

HARROW, INC.

Paid $130M at closing for U.S. rights to ILEVRO, NEVANAC, VIGAMOX, MAXIDEX, TRIESENCE; up to $45M milestone for Triesence.
Funded with $59.75M senior secured loan, stock sale ($22.6M net), $40.25M 11.875% notes due 2027, and cash.
Expects ~6-month transition; Novartis continues selling, transfers net profit to Harrow; NDAs to transfer.
Reaffirms 2023 guidance: net revenue $135-143M, adjusted EBITDA $44-50M; expects growth in 2024 and beyond.
Products expected immediately accretive.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

HARROW, INC. completed an acquisition involving Novartis Technology, LLC and Novartis Innovative Therapies AG for $130,000,000 (closed 2023-01-20).

Action: acquisition
Counterparty: Novartis Technology, LLC and Novartis Innovative Therapies AG
Consideration: $130,000,000
Closing: 2023-01-20

Exact text from the filing

suspension) 40 mg/ml. Under the terms of the Asset Purchase Agreement between the Company and Novartis (the “Purchase Agreement”), the Company made a one-time payment of $130,000,000 at closing, with up to another $45,000,000 due in a milestone payment related to the commercial availability of Triesence. Pursuant to the Purchase Agreement and various ancillary

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HARROW, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-002125

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