US eyecare pharmaceutical company Harrow has signed agreements with affiliates of Santen Pharmaceutical to acquire certain US and Canadian commercial rights for some of the branded ophthalmic products from the latter.
The US products are FLAREX, NATACYN, TOBRADEX, VERKAZIA, ZERVIATE, FRESHKOTE, while the Canadian products are VERKAZIA, Cationorm PLUS.
FLAREX (fluorometholone acetate ophthalmic suspension) is indicated for treating steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment of the eye.
NATACYN (natamycin ophthalmic suspension) is a sterile antifungal intended for treating fungal blepharitis, conjunctivitis, and keratitis caused due to susceptible organisms, including Fusarium solani keratitis.
A lubricant, FRESHKOTE helps to cut down further irritation or relieves dryness of the eye.
A calcineurin inhibitor immunosuppressant, VERKAZIA (cyclosporine ophthalmic emulsion) is intended to treat vernal keratoconjunctivitis (VKC) in children from four years of age through adolescence.
Cationorm PLUS is a preservative-free emulsion for dry eye symptoms treatment. It also treats signs and symptoms of ocular allergy.
Commenting on the deal, Harrow chairman and CEO Mark L Baum said, “This acquisition furthers Harrow’s goal of becoming a leader in the top tier of U.S. ophthalmic pharmaceutical companies, makes Harrow’s branded portfolio one of the most comprehensive in the U.S. market, and is expected to be immediately financially accretive upon the transfer of the product marketing authorizations.
“We are excited to add several high utility and trusted products that serve the ophthalmic surgical market, a market in which we already have a strong presence, and significantly expand the breadth of our portfolio, which will now include the only FDA‑approved ophthalmic antifungal; a patented and ‘orphan-designated’ product for the nearly 50,000 Americans suffering from the rare disease vernal keratoconjunctivitis (or VKC); a patented prescription drug to treat ocular itching associated with allergies; and two patented non-prescription brands serving patients managing dry eye symptoms.”
Funding for this deal was provided via the expansion of Harrow’s secured credit facility with funds managed by Oaktree Capital Management.
Harrow expects the deal to cut down its total leverage ratio of adjusted EBITDA to debt.