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Tuesday / May 17.
HomeminewsRayner Surgical Acquires Omidria Franchise

Rayner Surgical Acquires Omidria Franchise

Omidria (phenylephrine and ketorolac intraocular solution) 1.0%/0.3% has been acquired by Rayner Surgical Group. The transaction was completed pursuant to an Asset Purchase Agreement that was announced on 2 December, 2021.

Developed by Omeros, Omidria is the first and only FDA-approved product of its kind and is marketed in the United States for use during cataract surgery or intraocular lens replacement to maintain pupil size by preventing intraoperative miosis (pupil constriction) and to reduce postoperative ocular pain. Omidria is also the only NSAID-containing product FDA-approved for intraocular use.

Omidria is the first and only FDA-approved product of its kind… for use during cataract surgery or intraocular lens replacement to maintain pupil size… and to reduce postoperative ocular pain

In post-launch studies across conventional and femtosecond laser-assisted cataract surgery, Omridia has been shown to prevent intraoperative floppy iris syndrome (IFIS) and iris prolapse, significantly reduce complication rates (including sight-threatening cystoid macular oedema and breakthrough iritis) and the use of pupil-expansion devices, and surgical times.

It also significantly reduces intraoperative use of the opioid fentanyl and postoperative prescription opioids, enables performance of surgery and postoperative care without the use of steroids, and significantly improves uncorrected visual acuity on the first day following cataract surgery.

While Omidria is broadly indicated for use in cataract surgery, the post-launch outcomes cited above are not in its currently approved labelling.

As the sale completed, Omeros received roughly US$126 million in cash. Omeros also retains and is entitled to collect the full amount of its outstanding accounts receivable as of the deal’s closure. Additionally, Omeros may be eligible for a commercial milestone payment of up to $200 million. The agreement is estimated at about $1 billion, including substantial royalties to be paid by Rayner to Omeros on net sales of Omidria.

Rayner will pay Omeros royalties on both US and ex-US net sales of Omidria.

In the United States, the royalty rate will be 50% of US net sales until 1 January, 2025, or until the $200 million commercial milestone is met, at which point Omeros will receive royalties of 30% of US net sales for the life of Omidria’s US patent estate.

The commercial milestone payment is triggered if separate payment for Omidria is secured for a continuous period of at least four years.

Omeros will receive a 15% royalty rate on Omidria net sales outside of the United States for the duration of the applicable patent life, on a country-by-country basis.

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