Viatris To Acquire Oyster Point And Famy Life Sciences To Create Ophthalmology Franchise
(RTTNews) - Healthcare company Viatris Inc. (VTRS) announced Monday that it intends to create an ophthalmology franchise by acquiring Oyster Point Pharma and Famy Life Sciences.
Under the terms of a definitive agreement, Viatris has agreed to acquire Oyster Point for $11 per share in cash upfront through a tender offer. In addition, each Oyster Point stockholder will receive one non-tradeable contingent value right, representing up to an additional $2 per share contingent upon Oyster Point's achieving certain metrics based on full year 2022 performance.
Viatris is targeting to close the acquisition of Oyster Point in the first quarter 2023, subject to customary closing conditions, including receipt of regulatory approval, and tender acceptance of more than 50% of Oyster Point shares.
Concurrently, the Company also expects to acquire Famy Life Sciences, which has a complementary ophthalmology portfolio.
The Company anticipates these acquisitions have the potential to add at least $1 billion in sales by 2028. As a result of the expected strong top-line growth, the Company anticipates it will also add at least $500 million in adjusted EBITDA by 2028.
Together, the two acquisitions have an aggregate purchase price of approximately $700 million to $750 million which Viatris expects to fund with cash on hand.
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