Seattle biotech Omeros accomplished a deal Thursday to promote Omidria, a product used in eye surgery, to Rayner Surgical Group. United Kingdom-based Rayner acquired the Omidria franchise for $126 million.
As a part of the deal, Omeros is eligible to obtain $200 million in business milestone funds for the U.S. Meals and Drug Administration-approved product, which is used to irrigate eyes throughout cataract surgery or lens substitute. Along with royalties, the transaction has a price of greater than $1 billion, in accordance to a statement.
Omidria pulled in $30 million in income for Omeros in the third quarter of 2021.
This fall, the FDA advised Omeros that it wanted additional information earlier than contemplating approval of narsoplimad, the biotech’s lead medical compound being examined for a uncommon clotting dysfunction, sending its inventory right into a dive. On the finish of September, Omeros reported that it had $50.4 million in cash, cash equivalents, and short-term investments obtainable for operations.