Viatris Closes Oyster Point, Famy Life Acquisitions

Viatris announced the completion of its acquisitions of Oyster Point Pharma and Famy Life Sciences to establish a new Viatris Eye Care Division. On November 7, the purchase was originally announced. Jeffrey Nau, PhD, MMS, former CEO of Oyster Point Pharma, will manage 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,” Mr. Goettler added.

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.

Furthermore, each Oyster Point Pharma stockholder received one non-tradeable contingent value right, worth up to an additional $2 per share, or approximately $60 million in total, if Oyster Point Pharma meets certain metrics based on full-year 2022 performance, which are expected to be determined in the first quarter of 2023.

The total purchase price for the Famy Life Sciences business is projected to be around $280 million.