Harrow Health rises on separate deals for eye disease drugs, Q2 rev forecast
18/07/2023 22:47
** Shares of eye-drug maker Harrow Health Inc HROW.O rise
1.75% to $18.59 after the bell
** Co acquires U.S. and Canadian commercial rights to dry
eye disease treatment Vevye from German biopharmaceutical co
Novaliq GmbH; will make initial payments totaling $8 mln
** Separately, co says it has acquired certain U.S. and
Canadian commercial rights for opthalmic products from
Japan-based Santen Pharmaceutical Co Ltd 4536.T
** Under the terms of the agreement, Santen will grant HROW
exclusive rights in the U.S. and Canada for product
manufacturing and commercialization of Verkazia, an eyedrop for
vernal keratoconjunctivitis, and exclusive rights in Canada for
product manufacturing and commercialization of Cationorm Plus,
an artificial tear drop
** HROW is required to make an initial one-time payment of
$8 mln to Santen
** Co also sees Q2 2023 revenues in excess of $31 million;
analysts expect Q2 rev of $29.20 mln according to Refinitiv data
** Stock up ~23% YTD
(Reporting by Sriparna Roy in Bengaluru)
((Sriparna.Roy@thomsonreuters.com;))