RTTNews | Dec 2, 2021 10:32AM EST

10:31 Thursday, December 2, 2021 (RTTNews.com) - Shares of Omeros Corporation (OMER) are climbing more than 5% Thursday morning after the company announced agreement to sell Omeros' FDA-approved product, Omidria to Rayner Surgical Group Limited in a transaction valued more than $1 billion.

Omeros' Omidria (phenylephrine and ketorolac intraocular solution) is marketed in the U.S. for use during cataract surgery or intraocular lens replacement and to reduce postoperative ocular pain.

The deal includes an upfront payment of $125 million and $200 million on achieving a commercial milestone.

Rayner is expected to pay Omeros royalties on both U.S. and ex-U.S. net sales of Omidria. In the U.S., the royalty rate will be 50 percent of U.S. net sales until the earlier of either January 1, 2025 or payment of the $200-million commercial milestone, after which Omeros will receive royalties of 30 percent of U.S. net sales for the life of Omidria's U.S. patent estate. Outside of the U.S., Omeros will receive a 15-percent royalty rate on Omidria net sales throughout the applicable patent life, the company said.

OMER is at $7.18 currently. It has traded in the range of $5.45- $23.85 in the last one year.

Read the original article on RTTNews ( https://www.rttnews.com/3246513/omeros-adds-5-as-its-omidria-is-being-sold-to-rayner-surgical-for-more-than-1-bln.aspx)

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