Omeros Completes Sale of Omidria Franchise to Rayner Surgical

Omeros announced that it has completed the sale of Omidria (phenylephrine and ketorolac intraocular solution) 1.0%/0.3% to Rayner Surgical Group. The transaction was completed pursuant to an Asset Purchase Agreement that was announced on December 2, 2021.

Omeros received approximately $126 million in cash at closing. In addition, Omeros retains and is entitled to collect the full amount of its accounts receivable outstanding as of today’s closing. Omeros also is eligible to receive an additional $200 million in a commercial milestone payment. Together with substantial royalties to be paid by Rayner to Omeros on net sales of Omidria, the transaction is valued in excess of $1 billion.

Rayner will pay Omeros royalties on both US and ex-US net sales of Omidria. In the U.S., the royalty rate will be 50 percent of US net sales until the earlier of either January 1, 2025 or payment of the $200-million commercial milestone, after which Omeros will receive royalties of 30 percent of US net sales for the life of Omidria's US patent estate. The commercial milestone payment is triggered if separate payment for Omidria is secured for a continuous period of at least 4 years. Outside of the US, Omeros will receive a 15-percent royalty rate on Omidria net sales throughout the applicable patent life on a country-by-country basis.