Omeros receives $200M milestone payment from Rayner Surgical

Omeros announced that Rayner Surgical has paid the $200M milestone payment due to Omeros under the asset purchase agreement, dated December 1, 2021, pursuant to which Omeros sold its ophthalmology product Omidria to Rayner in December of 2021. The milestone event, as defined in the agreement, occurred in late December 2022, entitling Omeros to receive the milestone payment of $200M within 30 days thereafter. Full payment owed by Rayner – the milestone payment and accrued interest – was received on February 3. Rayner will continue to pay Omeros royalties on both U.S. and ex-U.S. net sales of Omidria. Per the terms of the agreement, the royalty rate applicable to U.S. net sales of Omidria decreased from 50% to 30% of U.S. net sales following achievement of the milestone event. Rayner is also obligated to pay a royalty of 15% on ex-U.S. sales of Omidria on a country-by-country basis. U.S. net sales of Omidria in 2022 totaled $131M. Omidria sales are forecast to continue growing, in part as a result of the Consolidated Appropriations Act, or CAA, of 2023, which expressly provides for separate payment of non-opioid pain management drugs, like Omidria, in the outpatient surgery setting until January 1, 2028.