Harrow Health Acquires Rights To Novartis' Five Approved Ophthalmic Products

  • Harrow Health Inc HROW entered a binding agreement to acquire the exclusive U.S. commercial rights to five FDA‑approved ophthalmic products from Novartis AG NVS
  • This acquisition will further expand and diversify Harrow's portfolio of branded pharmaceutical products and its ability to serve the U.S. ophthalmic surgical and acute care markets. 
  • Assuming this transaction closes during Q1 of 2023, Harrow expects 2023 net revenues of $135-$143 million and adjusted EBITDA of $44-$50 million.
  • Harrow will make a one-time payment of $130 million, with up to an additional $45 million payable in a milestone payment upon the commercial availability of TRIESENCE, which is expected in 2H of 2023.
  • Novartis will retain all rights to the products outside of the U.S.
  • Harrow commenced an underwritten registered public offering of $100 million aggregate principal amount of senior notes due 2027 to fund a portion of the purchase price payable for a previously announced acquisition.
  • The company also priced an underwritten registered offering of 2.37 million shares at $10.52 for aggregate gross proceeds of $25 million.
  • Price Action: HROW shares are up 6.31% at $11.80 on the last check Wednesday.
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