Watch for Q4 2026 integration updates and the first full quarter of TYRVAYA contribution in early 2027. The contingent milestone thresholds and Japanese royalty structure will be key to assessing total deal value. Monitor Harrow's cash position and any future capital needs given the $30M cash outlay.
Price Chart
Executive Summary
Harrow closed its acquisition of worldwide rights to TYRVAYA (varenicline solution) nasal spray from Viatris, excluding Japan, for $30M cash at closing plus up to $70M in contingent milestone payments. The deal adds a differentiated, FDA-approved dry eye treatment to Harrow's portfolio alongside VEVYE, with an expected >$30M revenue contribution in 2027 and approximately 40 Viatris personnel joining Harrow's commercial team.
Key Financial Metrics
Key Facts
- Harrow paid $30M in cash at closing, funded with cash on hand, for worldwide rights to TYRVAYA except Japan.
- Up to $70M in contingent milestone payments tied to TYRVAYA net sales thresholds through December 31, 2029.
- Viatris retains Japanese rights and will pay Harrow tiered royalties on Japanese net sales.
- Harrow expects TYRVAYA to contribute more than $30M in revenue in 2027.
- Approximately 40 Viatris personnel with TYRVAYA expertise are expected to join Harrow's Ocular Surface team in Q4 2026.
- TYRVAYA is the first and only FDA-approved nasal spray for dry eye disease, approved in the U.S., China, and Taiwan.
- The acquisition complements Harrow's existing VEVYE franchise with a different mechanism of action and route of administration.
Financial Impact
$30M cash at closing plus up to $70M in contingent milestones; expected >$30M revenue from TYRVAYA in 2027
Risk Factors
- Integration risk: onboarding ~40 new personnel and combining commercial teams may cause near-term disruption.
- Contingent milestone payments of up to $70M depend on achieving net sales thresholds, which are uncertain.
- TYRVAYA's revenue contribution guidance of >$30M in 2027 is forward-looking and not guaranteed.
- Competition in the dry eye market from existing and new therapies could pressure TYRVAYA adoption.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-064749 |
| Document: hrow-20261001xex991.htm | 0001628280-26-064749 |
| Document: 0001628280-26-064749-index-headers.html | 0001628280-26-064749 |
| Document: 0001628280-26-064749-index.html | 0001628280-26-064749 |
| Document: 0001628280-26-064749.txt | 0001628280-26-064749 |
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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