Pharma BD Deal Intelligence
Viatris Inc. acquired Oyster Point Pharma, Inc. (Nasdaq: OYST), an ophthalmology-focused biopharmaceutical company, under a merger agreement announced November 7, 2022 and completed January 3, 2023 via tender offer. Viatris paid $11.00 per share in cash (~$424M equity value; ~$298.8M net) plus one non-tradeable contingent value right (CVR) per share worth up to an additional $2.00 per share tied to Oyster Point's full-year 2022 Tyrvaya performance. The lead asset, Tyrvaya (varenicline solution) nasal spray, was the first FDA-approved nasal spray for dry eye disease (approved 2021), acting via the trigeminal parasympathetic pathway to stimulate natural tear production. Acquired concurrently with Famy Life Sciences, the transaction established Viatris's new Eye Care Division and its entry into branded specialty ophthalmology. As of 2026 the franchise remains core to Viatris's specialty-medicines strategy: Tyrvaya holds roughly 10-12% dry-eye market share, Ryzumvi (phentolamine, pupil-dilation reversal) launched in 2024, and pipeline asset MR-141 (presbyopia eye drop) carries an FDA PDUFA date of October 17, 2026.