Viatris Forms Eye Care Unit from Acquisitions
Viatris, formed in November 2020 from the merger of Mylan with Pfizer’s Upjohn division, has established an eye care division following the closure of two acquisitions on Jan. 3.
The US healthcare company has bought Oyster Point Pharma and Famy Life Sciences for about $415 million and $280 million, respectively.
The acquisitions will potentially add at least $1 billion in net sales and at least $500 million in adjusted EBITDA by 2028, Viatris said. The new division will be led by former Oyster Point CEO Jeff Nau, who commented: “With this combination we are well on our way to expand our portfolio and commercial footprint and create a global eye care leader. We believe that a new leader in the space can meaningfully shape the future of eye care to address the unmet needs of patients with ophthalmic disease and the eye care professionals who take care of them.”
In February last year, Viatris identified ophthalmology as one of its focus therapeutic areas. It said the addition of Oyster Point’s deep knowledge of eye disorders and dry eye disease treatment Tyrvaya together with Famy Life Sciences’ Phase 3-ready pipeline gives it the foundation to create a leading global ophthalmology franchise. Famy’s pipeline comprises therapies for dry eye, blepharitis and presbyopia.
Last November, Viatris closed the sale of its biosimilars business to Biocon Biologics for up to $3.35 billion. The divestment is part of the company’s strategy to position itself for future growth, becoming less dependent on commodity generics and growing its complex generics portfolio. It said during a strategic update late last year that it was on track to realize cost synergies of more than $1 billion by 2023.
Author: Elaine Burridge, Freelance Journalist
