Viatris closes acquisitions of Famy Life Sciences, Oyster Point Pharma to establish eye care division
The aggregate acquisition price for the Famy Life Sciences business is expected to be approximately $280 million.
Pittsburgh: Viatris Inc., a global healthcare company, today announced that it has closed its acquisitions of Oyster Point Pharma and Famy Life Sciences to establish a new Viatris Eye Care Division. The transaction was first announced on November 7 as part of Viatris' strategic update. Former Oyster Point Pharma CEO, Jeffrey Nau, Ph.D., MMS, will lead the new division.
Viatris CEO Michael Goettler said: "We are starting the year out strong with the closings of our acquisitions of Oyster Point Pharma and Famy Life Sciences, bringing together our collective commercial expertise, scientific capabilities and global infrastructure to create the Viatris Eye Care Division, which has the potential to deliver even more access to patients and showcases the power of our Global Healthcare Gateway. Viatris has created a performance driven, highly engaging and inclusive culture and we are pleased to welcome our talented, new colleagues to our team. We look forward to continuing to execute against our announced strategic objectives in 2023 that we expect will position Viatris for future growth."
Jeffrey Nau, Ph.D., MMS, the Head of the newly created Viatris Eye Care Division, said: "We are thrilled to join Viatris and combine with the assets of Famy Life Sciences to form the foundation of the Viatris Eye Care Division. With this combination we are well on our way to expand our portfolio and commercial footprint and create a global eye care leader. We believe that a new leader in the space can meaningfully shape the future of eye care to address the unmet needs of patients with ophthalmic disease and the eye care professionals who take care of them. I would like to personally thank the Oyster Point Pharma team for their hard work and commitment as we join the Viatris family and pursue Viatris' mission to empower people worldwide to live healthier at every stage of life."
Under the terms of a definitive agreement, Viatris acquired Oyster Point Pharma for approximately $415 million in cash upfront, which includes the $11 per share paid to Oyster Point Pharma stockholders through a tender offer and the repayment of the principal amount of certain debt of Oyster Point Pharma. In addition, each Oyster Point Pharma stockholder received one non-tradeable contingent value right, representing up to an additional $2 per share, or approximately $60 million in the aggregate, contingent upon Oyster Point Pharma's achieving certain metrics based on full year 2022 performance, which are expected to be determined in the first quarter of 2023.
The aggregate acquisition price for the Famy Life Sciences business is expected to be approximately $280 million.
Read also: Viatris sells global biosimilars business to Biocon Biologics for USD 3 billion
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.