This acquisition significantly strengthens Harrow's dry eye franchise with a differentiated, FDA-approved product that has existing revenue and prescriber base. Monitor the closing timeline and initial TYRVAYA revenue contributions in upcoming quarters. The deal's accretive nature and cash-on-hand funding reduce dilution risk, supporting a positive outlook.
Price Chart
Executive Summary
Harrow has entered into a definitive agreement to acquire global rights to TYRVAYA (varenicline solution) nasal spray from Viatris for $30M cash at close plus up to $70M in contingent milestone payments. TYRVAYA is the first and only FDA-approved nasal spray for dry eye disease, complementing Harrow's existing VEVYE franchise with a different mechanism of action. The deal is expected to close in H2 2026 and be immediately accretive given TYRVAYA's existing revenue stream and fit with Harrow's cost structure.
Key Financial Metrics
Key Facts
- Harrow acquires global rights to TYRVAYA (varenicline solution) nasal spray 0.03 mg from Viatris Inc.
- Upfront cash consideration of $30 million at closing, funded from cash on hand.
- Up to $70 million in contingent milestone payments tied to TYRVAYA net sales thresholds.
- TYRVAYA is the first and only FDA-approved nasal spray for dry eye disease, approved in U.S., China, and Taiwan.
- Acquisition complements Harrow's VEVYE franchise with a different mechanism of action (cholinergic agonist vs. anti-inflammatory).
- Transaction expected to close in the second half of 2026, subject to customary closing conditions.
- Management expects the deal to be financially accretive shortly after closing due to existing revenue and cost structure fit.
Financial Impact
$30 million upfront cash plus up to $70 million in contingent milestone payments for a potential total of $100 million
Risk Factors
- Transaction may not close on anticipated timeline or at all due to customary closing conditions.
- Contingent milestone payments of up to $70M depend on achieving net sales thresholds, which may not be met.
- Integration risks and potential for lower-than-expected TYRVAYA revenue growth.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-036256 |
| Exhibit: ex99-1.htm | 0001493152-26-036256 |
| Document: 0001493152-26-036256-index-headers.html | 0001493152-26-036256 |
| Document: 0001493152-26-036256-index.html | 0001493152-26-036256 |
| Document: 0001493152-26-036256.txt | 0001493152-26-036256 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | 8-K | $30.58 $30.35 | ▼ −0.75% | ▼ −1.30% | $28.95 (−5.33%) |
Oct 5, 2026 21d ago | Press Release | $30.58 $30.35 | ▼ −0.75% | ▼ −1.30% | $28.95 (−5.33%) |
Aug 10, 2026 11w ago | 8-K | $39.42 $39.36 | ▼ −0.15% | ▼ −0.40% | $28.95 (−26.56%) |
Aug 10, 2026 11w ago | Press Release | $39.42 $39.36 | ▲ +0.15% | ▲ +0.40% | $28.95 (+26.56%) |
Aug 6, 2026 11w ago | 8-K | $39.92 $40.44 | ▲ +1.30% | ▲ +0.69% | $28.95 (−27.48%) |
Jul 27, 2026 13w ago | Press Release | $37.46 | awaiting T+1 | — | $28.95 (−22.72%) |
Jul 20, 2026 14w ago | Press Release | $44.45 $43.71 | ▼ −1.66% | ▼ −2.50% | $28.95 (−34.87%) |
Jun 11, 2026 19w ago | Institutional Cluster | $37.64 $38.93 | ▲ +3.43% | ▲ +1.66% | $28.95 (−23.09%) |
Jun 11, 2026 19w ago | Institutional Cluster | $37.65 $37.64 | ▼ −0.03% | ▼ −0.57% | $28.95 (−23.11%) |
Jun 3, 2026 20w ago | 8-K | $33.32 $34.69 | ▲ +4.11% | ▲ +3.71% | $28.95 (−13.12%) |
US Market Status
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