Omeros Corporation (Nasdaq: OMER) today announced that it has
completed the sale of OMIDRIA (phenylephrine and ketorolac
intraocular solution) 1.0%/0.3% to Rayner Surgical Group Inc., an
affiliate of Rayner Surgical Group Limited. The transaction was
completed pursuant to an Asset Purchase Agreement that was
announced on December 2, 2021.
Omeros received approximately $126 million in cash at closing.
In addition, Omeros retains and is entitled to collect the full
amount of its accounts receivable outstanding as of today’s
closing. Omeros also is eligible to receive an additional $200
million in a commercial milestone payment. Together with
substantial royalties to be paid by Rayner to Omeros on net sales
of OMIDRIA, the transaction is valued in excess of $1 billion.
Rayner will pay Omeros royalties on both U.S. and ex-U.S. net
sales of OMIDRIA. In the U.S., the royalty rate will be 50 percent
of U.S. net sales until the earlier of either January 1, 2025 or
payment of the $200-million commercial milestone, after which
Omeros will receive royalties of 30 percent of U.S. net sales for
the life of OMIDRIA’s U.S. patent estate. The commercial milestone
payment is triggered if separate payment for OMIDRIA is secured for
a continuous period of at least four years. Outside of the U.S.,
Omeros will receive a 15-percent royalty rate on OMIDRIA net sales
throughout the applicable patent life on a country-by-country
basis.
About OMIDRIA®
OMIDRIA® (phenylephrine and ketorolac intraocular solution) 1% /
0.3% is the first and only FDA-approved product of its kind and is
marketed in the U.S. 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 also is the only
NSAID-containing product FDA-approved for intraocular use. In
post-launch studies across conventional and femtosecond
laser-assisted cataract surgery, OMIDRIA has been shown to (1)
prevent intraoperative floppy iris syndrome (IFIS) and iris
prolapse, (2) significantly reduce complication rates (including
sight-threatening cystoid macular edema and breakthrough iritis),
use of pupil-expansion devices, and surgical times, (3)
significantly reduce intraoperative use of the opioid fentanyl and
postoperative prescription opioids, (4) enable performance of
surgery and postoperative care without the use of steroids, and (5)
significantly improve 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 labeling.
Important Safety Information for OMIDRIA® Systemic exposure of
phenylephrine may cause elevations in blood pressure. In clinical
trials, the most common reported ocular adverse reactions at two
percent or greater are eye irritation, posterior capsule
opacification, increased intraocular pressure, and anterior chamber
inflammation; incidence of adverse events was similar between
placebo-treated and OMIDRIA-treated patients. OMIDRIA must be added
to irrigation solution prior to intraocular use.
About Omeros Corporation
Omeros is an innovative biopharmaceutical company committed to
discovering, developing and commercializing small-molecule and
protein therapeutics for large-market and orphan indications
targeting inflammation, immunologic diseases (e.g.,
complement-mediated diseases) and cancers. Omeros’ lead MASP-2
inhibitor narsoplimab targets the lectin pathway of complement and
is the subject of a biologics license application pending before
FDA for the treatment of hematopoietic stem cell
transplant-associated thrombotic microangiopathy. Narsoplimab is
also in multiple late-stage clinical development programs focused
on other complement-mediated disorders, including IgA nephropathy,
atypical hemolytic uremic syndrome and COVID-19. OMS906, Omeros’
inhibitor of MASP-3, the key activator of the alternative pathway
of complement, is in a Phase 1 clinical trial. For more information
about Omeros and its programs, visit www.omeros.com.
About Rayner Surgical Group Limited
Since the implantation of the first Rayner intraocular lens by
Sir Harold Ridley in 1949, Rayner has continuously pioneered
intraocular lens (IOL) design with a goal to improve vision and
restore sight worldwide. Today, Rayner’s mission remains to deliver
innovative and clinically superior ophthalmic products that respond
to the expectations of our global customers to improve the sight
and quality of life of their patients.
Headquartered in Worthing, United Kingdom, Rayner markets its
IOL, OVD and dry eye portfolio, worldwide in over 80 countries
through a network of distributors and includes direct sales teams
in the United Kingdom, USA, Germany, Austria, Switzerland, Italy,
India, Spain and Portugal.
Not all Rayner products are approved for sale in every country.
Please contact your local Rayner representative for details of
which products are available in your area.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which are
subject to the “safe harbor” created by those sections for such
statements. All statements other than statements of historical fact
are forward-looking statements, which are often indicated by terms
such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“goal,” “intend,” “likely,” “look forward to,” “may,” “objective,”
“plan,” “potential,” “predict,” “project,” “should,” “slate,”
“target,” “will,” “would” and similar expressions and variations
thereof. Forward-looking statements, including statements regarding
Omeros’ expectations with regard to the payments to be received
from the transactions described herein, are based on management’s
beliefs and assumptions and on information available to management
only as of the date of this press release. Omeros’ actual results
could differ materially from those anticipated in these
forward-looking statements for many reasons, including, without
limitation, risks associated with product commercialization and
commercial operations, unproven preclinical and clinical
development activities, the impact of COVID-19 on our business,
regulatory processes and oversight, challenges associated with
manufacture or supply of our investigational or commercial
products, delays in completion of ongoing or planned clinical
trials, competitive developments, litigation, and the risks,
uncertainties and other factors described under the heading “Risk
Factors” in the company’s Annual Report on Form 10-K filed with the
Securities and Exchange Commission (SEC) on March 1, 2021. Given
these risks, uncertainties and other factors, you should not place
undue reliance on these forward-looking statements, and the company
assumes no obligation to update these forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211222005630/en/
Jennifer Cook Williams Cook Williams Communications, Inc.
Investor and Media Relations IR@omeros.com
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