Pittsburgh-based Viatris, a global healthcare company, recently closed on the purchase of the approximately $415 million Oyster Point Pharma and the approximately $280 million Famy Life Sciences.
Collectively, these companies form the new Viatris Eye Care Division.
Under the terms of the agreement, Viatris purchased Oyster Point Pharma in cash which includes $11 per share paid to Oyster Point Pharma stockholders and repayment of the principal amount of Oyster Point Pharma debt. Each Oyster Point Pharma stockholder received one nontradeable contingent value right, contingent upon Oyster Point Pharma achieving certain metrics based on full-year 2022 performance. The metrics will be determined during the first quarter of 2023.
The purchase is part of Viatris’ strategic update that was announced in November.
Dr. Jeffrey Nau, Oyster Point Pharma CEO, will lead the new division.
“We are starting the year out strong with the closings of our acquisitions of Oyster Point Pharma and Famy Life Sciences, bringing together our collective commercial expertise, scientific capabilities, and global infrastructure to create the Viatris Eye Care Division, which has the potential to deliver even more access to patients and showcases the power of our Global Healthcare Gateway,” Viatris CEO Michael Goettler said.
Viatris has global centers in Pittsburgh, China, and India.