07:56 AM EDT, 10/03/2022 (MT Newswires) -- DRI Healthcare Trust (DHT-UN.TO, DHT-U.TO) on Monday said its subsidiary has acquired a royalty interest in Omidria from Omeros Corporation for US$125 million.
Omidria was approved by the FDA in May 2014 and the European Medicines Agency in July 2015 for intracameral use during cataract surgery or intraocular lens replacement to maintain pupil dilation and reduce postoperative pain. Omidria is marketed by Rayner Surgical, a player in the field of cataract surgery with operations in over 80 countries worldwide.
Behzad Khosrowshahi, CEO of DRI Healthcare Trust, said Omidria "is expected to immediately contribute meaningful and growing cash flows to our portfolio. With this transaction DRI has now deployed US$184.5 million over three transactions so far in 2022."
Royalties will be received by DRI monthly and will be subject to annual caps. According to Omeros' public filings, in the first six months of 2022, Omeros collected $31.1 million under the royalty being acquired.
In a separate release, DRI said that, based on its ongoing review of its royalty entitlement on Natpara, it has concluded that the issues that led to the 2019 recall of Natpara in the US are likely to remain unresolved for the foreseeable future, while royalties on European and Rest of World sales are expected to continue in the near term. There have been no commercial sales of Natpara in the US since the product's recall in 2019.
The royalty, paid on global sales of Natpara, is subject to an aggregate cap on royalty receipts of US$125 million, of which US$85.9 million has been collected by DRI and its predecessor funds as of September 30, 2022. DRI is reviewing its options with respect to the Natpara Royalty.