Key Takeaways
- Harrow completed its acquisition of worldwide rights to Tyrvaya, excluding Japan, for $30 million upfront and up to $70 million in sales-based milestone payments
- The FDA-approved nasal spray expands Harrow's dry eye portfolio alongside Vevye and provides a treatment option with a different route of administration.
Harrow announced the closing of its previously disclosed acquisition of Tyrvaya (varenicline solution) nasal spray 0.03 mg from Viatris, adding a second branded dry eye disease (DED) therapy to its ocular surface portfolio.
Under the transaction, Harrow acquired worldwide rights to Tyrvaya, excluding Japan. Viatris retained commercialization rights in Japan and will pay Harrow royalties on future net sales in that market. Harrow paid $30 million in cash at closing, funded with cash on hand. The agreement also includes up to $70 million in contingent milestone payments tied to Tyrvaya net sales, bringing the potential total consideration to $100 million.
Tyrvaya is a cholinergic agonist indicated for the treatment of the signs and symptoms of DED. It is the first and only FDA-approved nasal spray for the condition. Rather than being applied to the ocular surface, Tyrvaya is administered intranasally and is thought to activate the trigeminal parasympathetic pathway to stimulate basal tear production.
The therapy is approved in the United States, China, and Taiwan, with marketing applications pending in additional markets, according to Harrow.
The acquisition expands Harrow's presence in the dry eye market and complements Vevye, its existing prescription therapy for DED. Harrow said the products' different mechanisms and routes of administration could provide eye care professionals with greater flexibility when individualizing treatment.
Tyrvaya will be available to eye care professionals through Harrow's commercial organization immediately following the transaction's closing.
As part of the acquisition, Harrow expects approximately 40 Viatris personnel with knowledge of Tyrvaya and the dry eye market to join its ocular surface commercial organization. The company expects to onboard those employees during the fourth quarter of 2026.
