This morning, Oyster Point Pharma (NasdaqGS: OYST) announced that it is being acquired by Viatris (NasdaqGS: in upfront cash with a $2/share CVR. This represents a deal value of ~$360M in upfront cash and up to ~$425M with full CVR achievement, a ~32-56% premium over Friday’s close of $8.35/share. The transacon is expected to close in Q1 2023. Notably, there are two CVR thresholds worth $1/share each, triggered at: 1) 2022 net product revenues of $21.6M AND 131,822 total Tyrvaya prescripons, and 2) 2022 net revenue of $24.0M AND 146,469 total Tyrvaya prescripons. Tyrvaya has ~107k scripts YTD, as highlighted in Figure 1. Thus, the ﬁrst CVR threshold (purple line: 2022 net product revenues of $21.6M and 131,822 total Tyrvaya prescripons) appears potenally aainable. The more challenging aspect to achieving either CVR milestone is likely to be the net product revenue component.