Shares of commercial-stage biopharmaceutical company Oyster Point Pharma (NASDAQ:OYST) are skyrocketing today after it agreed to be acquired by Viatris (NASDAQ:VTRS) for $11 per share.
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The strategic mover will make Oyster the cornerstone of Viatris’ new ophthalmology push. Under the deal, Viatris will now put forth a tender offer for Oyster shares at $11 apiece along with a contingent value right (CVR) cash component of $2 per share.
The CVR would hinge on the achievement of performance targets by Oyster for 2022.
Importantly, with this deal, Viatris gains Oyster’s eye care pipeline as well as TYRVAYA Nasal Spray which is the only approved nasal spray for dry eye in the U.S.
Viatris shares too are up nearly 5% today already.
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