Seattle-based biotech Omeros Corp. (Nasdaq: OMER) is selling its Omidria franchise to the British eye care company Rayner Surgical Group Ltd.
The deal, announced Thursday, includes a $125 million upfront payment and a commercial milestone payment of $200 million for Omidria, a drug that prevents excessive pupil constriction in cataract surgery. Omeros will also receive royalty payments for sales made both within and outside of the U.S. According to Omeros, the deal is valued at more than $1 billion.
“We are immensely proud of our Omidria team and its achievements over the last seven years,” Gregory Demopulos, CEO of Omeros, said in a news release. “We believe that Rayner, with its expertise and increasingly strong international presence in ophthalmology, represents a great home for Omidria and the product’s commercial team."
The companies expect the deal to close before the end of the year, and Omeros will keep the amount in its accounts receivable when the deal closes. According to Omeros, there was $34 million in its accounts receivable at the end of last quarter.
Omeros, founded in 1994, is also the maker of Narsoplimab, a drug to prevent inflammation and damage to the membranes that line the heart and blood vessels. The drug is in Phase 3 clinical trials for multiple uses and just completed Phase 2 trials for the autoimmune disease lupus nephritis.
Omidria generated $30 million in revenue during the third quarter of 2021.
Rayner, meanwhile, was founded in 1949 and is headquartered in Worthing, United Kingdom. The company makes intraocular lenses and offers a digital tool for surgeons to collect patient feedback.
“Omidria will be an important part of our ophthalmic product portfolio internationally and a key strategic focus for Rayner,” Tim Clover, CEO of Rayner, said in a news release. “Our new Omidria business and commercial team of seasoned industry professionals are an ideal fit for Rayner as we focus on broadly serving ophthalmic surgeons with our pipeline of innovative products."
