Harrow to Buy TYRVAYA Assets in Deal Worth Up to $100 Million
The asset purchase would add a second mechanism of action to Harrow’s dry-eye portfolio alongside VEVYE.
Harrow, Inc. (HROW) agreed to acquire TYRVAYA® (varenicline solution) nasal spray 0.03 mg in an asset-purchase transaction valued at as much as $100 million, expanding the eye-care drugmaker’s dry-eye franchise beyond its flagship VEVYE product. Harrow would pay $30 million in cash at closing and up to $70 million in additional consideration if TYRVAYA reaches specified net-sales milestones.
The companies expect to complete the transaction in the second half of 2026, subject to customary closing conditions. The contingent structure ties most of the potential purchase price to TYRVAYA’s commercial performance, limiting Harrow’s initial cash commitment while preserving a larger payout if sales meet the agreed thresholds. The announcement didn’t provide further details about the milestones or their timing.
TYRVAYA would broaden the tools Harrow offers U.S. ophthalmologists and optometrists treating dry-eye disease. The nasal spray addresses the condition through a different underlying mechanism of action from VEVYE and could be prescribed on its own or alongside that product, giving Harrow two complementary therapies within the same franchise.
“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,” Chief Executive Mark L. Baum said. “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”.
The purchase would build on Harrow’s effort to establish VEVYE as the anchor of its dry-eye business. VEVYE is a patented formulation of 0.1% cyclosporine delivered in a semifluorinated alkane vehicle and is indicated for the signs and symptoms of dry-eye disease. Harrow launched the product in January 2024 and subsequently expanded payer access and its commercial reach, creating infrastructure that could also support a broader dry-eye portfolio.
The TYRVAYA agreement also extends Harrow’s recent pattern of adding ophthalmic products through transactions with limited initial cash commitments. In 2025, the company secured U.S. rights to two Samsung Bioepis ophthalmic biosimilars used in retinal disease and acquired U.S. commercial rights to Formosa Pharmaceuticals’ BYQLOVI, a treatment for postoperative ocular inflammation and pain. Those additions widened Harrow’s presence across retinal care and postsurgical treatment; TYRVAYA would deepen its position in dry eye, where the company has already concentrated commercial resources around VEVYE.
Closing remains dependent on the customary conditions specified in the purchase agreement. If completed as planned, the transaction would leave Harrow with a $30 million upfront investment and a further $70 million tied directly to TYRVAYA’s net sales, aligning the final cost with the product’s contribution to the expanded franchise.