Omeros Receives $200 Million Milestone Payment from Rayner

Omeros announced that Rayner has paid the $200 million milestone payment due to Omeros under the Asset Purchase Agreement, dated December 1, 2021, pursuant to which Omeros sold its ophthalmology product Omidria to Rayner in December of 2021.

Omeros received the milestone payment of $200 million in December. Full payment owed by Rayner–the milestone payment and accrued interest–was received on February 3, 2023.

Rayner will continue to pay Omeros royalties on both US and ex-US net sales of Omidria. Per the terms of the agreement, the royalty rate applicable to US net sales of Omidria decreased from 50 percent to 30 percent of US net sales following achievement of the milestone event. Rayner is also obligated to pay a royalty of 15 percent on ex-US sales of Omidria on a country-by-country basis.

US net sales of Omidria in 2022 totaled $131 million.

“Omeros ended 2022 with approximately $195 million available for operations. The addition of the $200 million milestone payment from Rayner is expected to provide funding for Omeros’ operations across our pipeline well into at least 2025,” Gregory A. Demopulos, MD, Omeros’ chairman and chief executive officer, said in a company news release. “In addition, the recently enacted CAA secures long-term separate payment for Omidria in both ambulatory surgery centers and hospital outpatient departments, and we look forward to continued participation in Omidria's growth through our ongoing royalty stream.”