Investing.com — Biopharmaceutical firm Omeros Corporation (NASDAQ:OMER) has agreed to the sale of its cataract product Omidria to Rayner Surgical Group Limited in a deal that could ultimately be worth over $1 billion.
Omeros shares surged over 20%. However, they have since given up almost all of those initial gains.
Rayner will make an upfront payment of $125 million, with a further $200 million paid on the achievement of a commercial milestone. Furthermore, there will be royalties of 50% on U.S. net sales until January 1, 2025, or until the payment of the $200 million milestone — after which royalties will adjust to 30% of U.S. net sales. In addition, there will be royalties on 15% of net sales outside of the U.S.
Rayner will acquire the Omidria commercial organization as part of the agreement, including the sales force, which it plans to expand globally, with the product taking up a key role in Rayner’s ophthalmology franchise.
“OMIDRIA will be an important part of our ophthalmic product portfolio internationally and a key strategic focus for Rayner,” said Tim Clover, CEO of Rayner. “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.”