Harrow's Bold Play: TYRVAYA Buy Signals Shift in Dry Eye Treatment

NASHVILLE, Tenn. – August 06, 2026

In a strategic move poised to disrupt the multi-billion-dollar dry eye market, ophthalmic solutions provider Harrow has announced its acquisition of the global rights to TYRVAYA® from Viatris Inc. The deal, valued at up to $100 million, brings the first and only FDA-approved nasal spray for dry eye disease into Harrow's rapidly expanding portfolio, signaling a significant bet on a future where treatment isn't limited to traditional eye drops.

TYRVAYA (varenicline solution) nasal spray represents a paradigm shift in managing a condition that affects tens of millions worldwide. By delivering treatment through a nasal spray, it bypasses common patient complaints of ocular stinging and burning, offering a novel solution for those who struggle with or cannot tolerate topical drops. This acquisition positions Harrow to challenge established market leaders and fundamentally alters its strategic approach to one of ophthalmology's most prevalent conditions.

A Comprehensive Dry Eye Franchise

Harrow has agreed to an upfront cash payment of $30 million, funded from cash on hand, with up to $70 million in additional milestone payments contingent on TYRVAYA's net sales. This structure reflects a disciplined capital allocation strategy, as noted by company leadership, tying the bulk of the investment directly to the product's commercial success.

The move is central to Harrow's strategy of building one of the industry's most comprehensive branded dry eye franchises. TYRVAYA will join the company’s flagship product, VEVYE®, a cyclosporine ophthalmic solution. According to Harrow's CEO, Mark L. Baum, the two products are highly complementary. "By adding TYRVAYA to our portfolio, we now have a highly effective and differentiated product that may be prescribed separately from VEVYE or in addition to VEVYE," he stated.

The strategic fit is rooted in their distinct mechanisms of action. VEVYE targets the inflammatory component of dry eye disease, a common underlying cause. In contrast, TYRVAYA acts as a cholinergic agonist, stimulating the trigeminal nerve in the nasal cavity to prompt the body's natural production of basal tears. This neuro-stimulatory pathway can restore the tear film's stability within minutes of the first dose.

This dual-pronged approach allows Harrow to offer physicians a broader toolkit to individualize patient care. "VEVYE remains the cornerstone of our dry eye franchise," Baum added, "[but] TYRVAYA strengthens our foundation by expanding the number of patients and physicians we can serve."

Furthermore, Harrow's leadership anticipates a smooth and rapid integration. The acquisition is expected to be financially accretive shortly after closing in the second half of 2026. Andrew Boll, Harrow's President and Chief Financial Officer, described the deal as "plug and play" with the company's existing cost structure, leveraging its established sales, marketing, and reimbursement infrastructure.

Reshaping a Competitive Landscape

Harrow is stepping into a fiercely competitive and growing market. The global dry eye disease sector is estimated to be worth over $8.7 billion in 2026 and is projected to nearly double by 2033, fueled by an aging population, increased screen time, and greater diagnostic awareness.

The field is dominated by major pharmaceutical players. Bausch + Lomb has built a formidable presence with its acquisition of XIIDRA® and the launch of MIEBO™, the first treatment directly targeting tear evaporation. Other key competitors include AbbVie with its extensive Refresh brand portfolio and Alcon with its popular SYSTANE® line of lubricant eye drops.

Against this backdrop, TYRVAYA's unique delivery method is its most powerful differentiator. The nasal spray completely avoids ocular instillation, making it an ideal option for patients sensitive to eye drops. Crucially, it provides a solution for the more than 45 million contact lens wearers in the U.S., as it is the only prescription therapy that does not require lens removal before administration.

Harrow plans to leverage this differentiation to capture new market segments. The company inherits an existing base of physicians already prescribing TYRVAYA, a brand awareness that its Chief Commercial Officer, Patrick Sullivan, called "a rare thing to be able to acquire."

Sullivan outlined a clear commercial strategy: "VEVYE will remain positioned as Harrow’s first-line anchor product for chronic dry eye disease, with TYRVAYA promoted and fully supported as a unique, fast-acting, safe, and clinically proven prescription tool." He emphasized the synergy of the new portfolio, noting, "Our team can now introduce VEVYE to the established base of TYRVAYA prescribers and TYRVAYA to the physicians who already trust VEVYE... Every physician interaction now carries two branded prescription options instead of one."

Beyond the Drops: A New Hope for Patients

For many dry eye sufferers, the daily ritual of administering eye drops is a significant burden. Issues with dexterity, fear of touching the eye, and the common side effects of burning and stinging can lead to poor adherence and compromised quality of life. TYRVAYA’s innovation lies in offering an effective alternative that sidesteps these challenges entirely.

Its mechanism, which activates a natural biological process, aligns with a broader industry trend toward therapies that address the root causes of disease rather than just managing symptoms. Clinical trials have demonstrated its ability to significantly increase tear production. While its most common adverse reaction is transient sneezing, reported in 82% of patients, its prescribing information includes no contraindications or major warnings, highlighting a strong safety profile.

This patient-centric approach is resonating with eye care professionals. "The market is clearly shifting toward mechanism-based interventions," noted one industry analyst. "A product that can stimulate the body's own tear production through a non-ocular route is a significant advancement and addresses a major unmet need."

A Calculated Move in a Shifting Market

The acquisition also sheds light on broader strategic shifts within the pharmaceutical industry. Viatris’s divestment of TYRVAYA is consistent with its strategy of streamlining its portfolio to focus on core growth areas, a move reminiscent of Novartis's sale of Xiidra to Bausch + Lomb. For a specialized company like Harrow, acquiring such an asset from a larger firm provides an opportunity to give the product the focused commercial attention it needs to thrive.

TYRVAYA is not a new, unproven entity. Originally developed by Oyster Point Pharma and launched in late 2021, it had already generated nearly 100,000 prescriptions from over 9,000 unique prescribers within its first year. This established presence provides Harrow with a running start and a foundation for accelerated growth.

Looking ahead, Harrow faces the task of realizing TYRVAYA’s global potential. While already approved in the U.S., China, and Taiwan, marketing applications are pending in other international markets. Navigating the regulatory and reimbursement hurdles of regions like Europe will be a critical next step. However, with this acquisition, Harrow has decisively solidified its position, betting that the future of dry eye treatment lies not just in the eye, but in innovative approaches that redefine patient care.