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Viatris's $298.8M acquisition of Oyster Point Pharma was a durable specialty-ophthalmology bet: Tyrvaya, the first FDA-approved nasal spray for dry eye disease, still holds roughly 10-12% market share in 2026, and the franchise has since expanded with Ryzumvi's 2024 launch, though pipeline follow-through now hinges on MR-141's October 2026 PDUFA date.
Viatris to buy two eye drug developers Oyster Point and Famy in deals worth up to $750M to enter ophthalmology with Tyrvaya dry eye spray
SEC 8-K/A filing documenting Viatris acquisition of Oyster Point Pharma at $11 per share plus contingent value right of up to $2 per share
2026 post-close status: Viatris Eye Care Division retained (not divested); Tyrvaya ~10-12% dry-eye share; Ryzumvi launched 2024; MR-141 presbyopia PDUFA Oct…
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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.
16M US cases/yr · $6.8B ~$6.8B US dry eye market (2024) · ~$600 Average annual OOP cost per DED patient
Dry eye disease is a multifactorial condition of the ocular surface characterized by tear film instability, inflammation, and neurosensory abnormalities. Tyrvaya (varenicline nasal spray) represented a novel mechanism stimulating the trigeminal parasympathetic pathway via nasal spray to increase natural tear production. Viatris acquired Oyster Point to enter the growing dry eye market.
Tyrvaya is the first nasal spray approved for dry eye, working through the trigeminal parasympathetic pathway rather than traditional topical drops. This avoids ocular surface irritation common with Restasis and Xiidra. Viatris gained a differentiated commercial product with unique mechanism, complementing its generics-heavy portfolio with a branded specialty ophthalmology asset.
entered into an Agreement and Plan of Merger, dated as of November 7, 2022 (the Merger Agreement ), with Viatris Inc., a Delaware corporation ( Parent ), and Iris Purchaser Inc., a Delaware corporation and a wholly owned subsidiary of Parent ( Purchaser ).
Transaction valued at $299M. entered into an Agreement and Plan of Merger, dated as of November 7, 2022 (the Merger Agreement ), with Viatris Inc., a Delaware corporation ( Parent ), and Iris Purchaser Inc., a Delaware corporatio
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Viatris / Oyster Point Pharma, Inc. (this deal) | 2022 | $299M | 58 |
| Johnson & Johnson / Abbott Medical Optics | 2003 | $4.3B | 70 |
| Johnson & Johnson / Abbott Laboratories (Abbott Medical Optics) | 2016 | $4.3B | 66 |
| Merck & Co. Inc. / EyeBio Ltd. | 2024 | $3.0B | 61 |
| Teva Pharmaceutical Industries Ltd. / Samsung Bioepis Co., Ltd. | 2026 | — | 51 |
| EyeTech Pharmaceuticals Inc. / Gilead Sciences Inc. (NX-1838 license) | 2000 | $32M | 47 |
| Astellas Pharma Inc. / Ocata Therapeutics, Inc. | 2015 | $379M | 41 |
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