harrow Completes Acquisition of Melt Pharmaceuticals, Expanding Ophthalmology Portfolio
KING OF PRUSSIA, PA – November 21, 2023 – Harrow, Inc. today announced the triumphant completion of its acquisition of Melt Pharmaceuticals, Inc., a privately held pharmaceutical company focused on developing and commercializing novel ophthalmic products.The deal significantly expands Harrow’s pipeline and commercial offerings in the ophthalmology space.
This acquisition positions Harrow to capitalize on Melt’s innovative pipeline, including a late-stage product candidate for the treatment of ocular surface disease, and strengthens its position as a leader in compounded ophthalmic medications. The move allows Harrow to address a broader range of patient needs and accelerate growth within the rapidly evolving eye care market. The transaction is expected to be immediately accretive to Harrow’s earnings.
Harrow initially announced the definitive agreement to acquire Melt Pharmaceuticals on October 16, 2023. The acquisition was structured as a combination of cash and stock,with a total potential consideration of up to $37.5 million, inclusive of potential milestone payments tied to the achievement of certain commercial and clinical objectives.
“We are thrilled to officially welcome the Melt team to Harrow,” said mark Baum, Harrow’s President and CEO. ”This acquisition is a strategic fit that complements our existing portfolio and expands our capabilities in the ophthalmic space. we believe that combining our strengths will allow us to deliver innovative solutions to patients and drive long-term value for our shareholders.”
Melt Pharmaceuticals’ lead product candidate, a novel formulation of lifitegrast, is currently in Phase 3 clinical trials. Harrow plans to leverage its existing commercial infrastructure to rapidly launch and market Melt’s products upon regulatory approval. The company will also continue to develop melt’s pipeline of early-stage ophthalmic assets.
