By Will Feuer

Eyecare pharmaceutical company Harrow Health Inc. said it has agreed to buy the exclusive U.S. commercial rights to five ophthalmic drugs from Novartis AG for up to $175 million.

Harrow will pay $130 million at closing of the deal, with an additional $45 million payable upon the commercial availability of one of the drugs, Triesence, which is expected in the second half of 2023.

As part of the deal, Harrow will get the U.S. rights to five drugs in total, including Ilevero, Nevanac, Vicamox and Maxidex, in addition to Triesence. All the drugs have been approved by the U.S. Food and Drug Administration, Harrow said.

Assuming the deal closes in the first quarter of 2023, Harrow expects 2023 revenue of $135 million to $143 million, the company said.

Harrow Chairman and Chief Executive Mark Baum described the deal as "a landmark" for the company.

Also on Wednesday, Harrow said it has priced an underwritten registered offering of nearly 2.4 million shares of common stock at a price of $10.52 a share for aggregate gross proceeds of $25 million. The company also said it has commenced an underwritten registered public offering of $100 million aggregate principal amount of senior notes due 2027.

The company said it plans to use the proceeds from both offerings for acquisition expenses.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

December 14, 2022 07:13 ET (12:13 GMT)

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