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    Home > Medical News > Medicines Company News > $175 million! Novartis sells 5 ophthalmic products

    $175 million! Novartis sells 5 ophthalmic products

    • Last Update: 2022-12-30
    • Source: Internet
    • Author: User
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    Recently, Harrow Health, an ophthalmic pharmaceutical company, announced that the company will obtain exclusive U.
    S.
    commercialization rights
    for five ophthalmic products of Novartis Pharmaceutical.
    Under the terms of the agreement, Harrow Health will make a one-time payment of $130 million upon closing, with an additional $45 million expected as a milestone payment
    following TRIESENCE's commercialization in the second half of 2023.
    IT IS UNDERSTOOD THAT THE PRODUCTS SOLD BY NOVARTIS THIS TIME INCLUDE CATARACT SURGERY RECOVERY EYE DROPS ILEVRO AND NEVANAC, BACTERIAL CONJUNCTIVITIS EYE DROPS VIRAMOX, INFLAMMATORY EYE DROPS MAXIDEX, AND INJECTIONS TRIESENCE
    .
    The transaction is expected to close in the first quarter of 2023 and Novartis will retain all rights
    to these products except in the United States.
    According to the data, Harrow Health is a pharmaceutical company focusing on eye treatment, founded in 2011 and listed
    on NASDAQ in 2013.
    In fact, this transaction is the second acquisition transaction between Harrow Health and Novartis
    .
    As early as December 2021, Harrow Health obtained the rights
    to 4 FDA-approved eye drops from Novartis for $14 million.
    For Novartis' sale of ophthalmic products, the industry said that there were early signs
    .
    On November 16, it was reported that Novartis was considering selling its ophthalmology and respiratory business, which is expected to take place
    next year.
    According to reports at the time, Novartis' ophthalmic business alone could be worth as much as $5 billion
    .
    Novartis' sale of products is probably part of
    its downsizing of its ophthalmic business.
    Novartis has been tweakening its business in recent years, splitting Alcon's eye care business into a separate company from 2014 to 2018 and announcing the sale of a 36.
    5 percent stake
    in its consumer healthcare joint venture to GlaxoSmithKline.
    In addition, Novartis also spun off Alcon's eye care business in 2019 and agreed to sell nearly a third of its voting rights at Roche last November in a quest to streamline the business.
    .
    .
    Since the beginning of this year, Novartis' "slimming" action has also continued
    .
    In addition to its decision to divest Sandoz and sell its formulation plant in China, in September the company announced that it would invest in five major areas in the future: cardiovascular, immunology, neuroscience, solid tumors and hematology, where it has a number of significant market and pipeline assets
    .
    In addition, it is worth noting that in addition to frequent asset sales, Novartis has also experienced frequent personnel changes this year
    .
    First announced the restructuring of the company's global business framework, planning to reduce 8,000 employees, then the integration of the pharmaceutical and oncology business units into one innovative medicines division, and the merger
    of technical operations, customers and technology.
    Then, in September, Novartis announced that it would cut 1,400 positions in Switzerland, about half of which would be leadership and management positions
    .
    However, due to employee contracts, Novartis said that the cuts in Switzerland may not take effect
    until the summer of 2023.
    Disclaimer: Under no circumstances does the information or opinions expressed herein constitute investment advice
    to anyone.
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