Omeros Offloads Cataract Med Omidria To Rayner Surgical In Deal Valued Over $1B

Omeros Corporation OMER has agreed to sell Omidria to Rayner Surgical Group Limited for an upfront payment of $125 million with an additional $200 million in commercial milestones.

• Omidria (phenylephrine and ketorolac intraocular solution) 1% / 0.3% is approved for use during cataract surgery or intraocular lens replacement to maintain pupil size and reduce postoperative ocular pain.
• Omeros will also retain its accounts receivable balance at the closing, which was $34 million at the end of last quarter. 
• With substantial royalties to Rayner to Omeros on Omidria sales, the transaction is valued at more than $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% of U.S. net sales until the earlier of either January 1, 2025, or payment of the $200 million commercial milestones, after which Omeros will receive royalties of 30% of U.S. net sales for the life of Omidria's U.S. patent estate. 
• Outside of the U.S., Omeros will receive a 15% royalty rate.
• Omidria will become a key product in Rayner's ophthalmology franchise, which includes intraocular lenses, ophthalmic viscoelastic devices, and dry eye treatments. 
• Price Action: OMER shares are up 21.10% at $8.26 during the premarket session on the last check Thursday.