NASHVILLE, Tenn.—Harrow (Nasdaq: HROW), a leading provider of ophthalmic disease management solutions in North America, announced that it has entered into a definitive agreement to acquire Tyrvaya (varenicline solution), a dry eye treatment in the form of a nasal spray from Viatris Inc., a global healthcare company. Tyrvaya is a cholinergic agonist indicated for the treatment of the signs and symptoms of dry eye disease (DED) and is currently approved in the U.S., China, and Taiwan, with marketing authorization applications pending in other countries, according to the announcement.
In making the announcement, Harrow said the acquisition expands Harrow’s dry eye portfolio, complementing the company’s flagship Vevye franchise by addressing dry eye disease with a different underlying mechanism of action. Together, Vevye and Tyrvaya will enable Harrow to provide physicians with a broader range of differentiated treatment options while addressing the diverse needs of patients with dry eye disease, Harrow said.
Because Tyrvaya is delivered as a nasal spray rather than an eye drop, it avoids ocular instillation-site reactions entirely; its prescribing information includes no contraindications and no warnings or precautions, and its most common adverse reaction, sneezing, is transient, Harrow noted.
Harrow said drop-free DED management is a meaningful differentiator for patients who struggle with or cannot tolerate topical drops, including those who experience burning, stinging, or other ocular adverse reactions associated with eye drops.
The acquisition will also leverage Harrow’s sales, marketing, market access, medical affairs, and reimbursement infrastructure and is expected to further strengthen the company through the addition of select talent from Viatris, Harrow added.
Under the terms of the agreement, Harrow said it will pay $30 million in cash at closing and up to $70 million in contingent milestone payments tied to Tyrvaya’s net sales, for a potential total consideration of up to $100 million. Harrow expects to fund the upfront cash payment using cash on hand, and the transaction is expected to close in the second half of 2026, subject to customary closing conditions.
“This acquisition is about Harrow’s commitment to offer the most comprehensive set of tools to help U.S. ophthalmologists and optometrists manage their patients’ dry eye disease. By adding Tyrvaya to our portfolio, we now have a highly effective and differentiated product that may be prescribed separately from Vevye or in addition to Vevye,” said Mark L. Baum, chief executive officer of Harrow.
Baum continued, “While Vevye remains the cornerstone of our dry eye franchise, Tyrvaya strengthens our foundation by expanding the number of patients and physicians we can serve through a complementary mechanism of action: Vevye addresses the inflammatory component of dry eye disease, and Tyrvaya stimulates the body’s natural basal tear production—literally within minutes of the first dose.”
Baum added that, as the first and only FDA-approved nasal spray for dry eye disease, Tyrvaya offers the more than 45 million U.S. contact lens wearers a drop-free treatment option because it is the only prescription therapy that does not require lens removal before administration.
“We believe Harrow is now uniquely positioned to accelerate growth across our dry eye franchise by providing physicians with greater flexibility to individualize treatment for their patients,” Baum said.
“This transaction is another example of the disciplined approach to capital allocation and business development that has become a hallmark of Harrow’s growth strategy,” said Andrew Boll, president and chief financial officer of Harrow. “This transaction aligns with what we believe is an attractive investment, providing a long-term stream of strategic value creation, with the primary purchase payment from cash on hand and any additional payments made only if net revenue milestones are achieved.”
Boll added that Tyrvaya is a “plug and play” option with Harrow’s existing cost structure. Given the existing stream of revenue Tyrvaya produces, it is expected to be financially accretive shortly after the transaction closes, Boll noted.
Dry eye disease is a complex, multifactorial condition that often requires different therapeutic approaches depending on the underlying cause of the disease and the individual patient’s needs. Harrow said its unique approach to serving the dry eye community is centered on Vevye and Tyrvaya, as well as FreshKote Preservative Free, an OTC lubricant eye drop for the temporary relief of dry eye symptoms, and Flarex, a corticosteroid that treats ocular surface inflammation, well suited for managing flares—and is supported by the Harrow commercial team.
Collectively, Harrow has created one of the industry’s most comprehensive branded dry eye franchises, with multiple complementary therapies that address distinct mechanisms of dry eye disease and all phases of the patient’s treatment continuum, the company said in the announcement.
