Harrow, Inc. has completed the acquisition of TYRVAYA (varenicline solution) nasal spray 0.03 mg from Viatris Inc. The transaction, initially announced on August 3, 2026, was finalized on October 1, 2026, following an amendment to the original Asset Purchase Agreement.
Under the amended terms, Harrow acquired worldwide rights to TYRVAYA, excluding Japan. Viatris retained the commercial rights to the drug in Japan and agreed to pay Harrow royalties on future net sales in that market. The cash consideration at closing was fixed at $30.0 million, funded by the company's existing cash on hand. Harrow may also pay Viatris up to $70.0 million in contingent milestone payments tied to TYRVAYA's net sales over specific measurement periods ending before December 31, 2029.
The acquired assets include TYRVAYA's new drug application, regulatory approvals, intellectual property, technology, inventory, and related contracts. Harrow also assumed specified liabilities associated with these assets. In connection with the deal, Viatris is obligated to pay Harrow tiered royalties on TYRVAYA sales in Japan, and the parties have agreed to negotiate a collaboration agreement governing Viatris's research, development, and commercialization of the drug in Japan.
TYRVAYA is a cholinergic agonist indicated for the treatment of the signs and symptoms of dry eye disease and is the first and only FDA-approved nasal spray for this indication. It is approved in the U.S., China, and Taiwan. Harrow expects approximately 40 personnel from Viatris with experience in the dry eye market to join its Ocular Surface commercial team in the fourth quarter of 2026.
