Viatris Closes Acquisitions of Oyster Point Pharma and Famy Life Sciences, Establishing New Eye Care Division

Viatris announced that it has closed its acquisitions of Oyster Point Pharma and Famy Life Sciences to establish a new Viatris Eye Care Division. The transaction was first announced on November 7. Former Oyster Point Pharma CEO, Jeffrey Nau, PhD, MMS, 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 in a company news release. "Viatris has created a performance driven, highly engaging and inclusive culture and we are pleased to welcome our talented, new colleagues to our team. We look forward to continuing to execute against our announced strategic objectives in 2023 that we expect will position Viatris for future growth."

Under the terms of a definitive agreement, Viatris acquired Oyster Point Pharma for approximately $415 million in cash upfront, which includes the $11 per share paid to Oyster Point Pharma stockholders through a tender offer and the repayment of the principal amount of certain debt of Oyster Point Pharma. In addition, each Oyster Point Pharma stockholder received one non-tradeable contingent value right, representing up to an additional $2 per share, or approximately $60 million in the aggregate, contingent upon Oyster Point Pharma's achieving certain metrics based on full year 2022 performance, which are expected to be determined in the first quarter of 2023. 

The aggregate acquisition price for the Famy Life Sciences business is expected to be approximately $280 million.

To view EyewireTV's coverage of the deal, announced in November, click here.