Harrow Expands Dry Eye Portfolio with $100M TYRVAYA Acquisition — Harrow, Inc.

Event summary

Harrow acquires global rights to TYRVAYA, the first FDA-approved nasal spray for dry eye disease (DED), from Viatris Inc. for up to $100M.
TYRVAYA complements Harrow’s existing VEVYE franchise with a different mechanism of action and drop-free administration.
Deal includes $30M upfront cash payment and up to $70M in contingent milestone payments tied to net sales.
Transaction expected to close in the second half of 2026, funded by Harrow’s existing cash reserves.

The big picture

Harrow’s acquisition of TYRVAYA strengthens its position as a leading provider of dry eye disease management solutions. The deal aligns with Harrow’s strategy of offering differentiated treatment options, addressing both inflammatory and tear production aspects of DED. With the global dry eye market projected to grow, this acquisition positions Harrow to capture a larger share of the $45M+ U.S. contact lens wearer segment seeking drop-free solutions.

What we're watching

Revenue Synergy: Whether Harrow can leverage its existing sales and marketing infrastructure to drive accelerated growth for TYRVAYA.
Market Penetration: The pace at which Harrow integrates TYRVAYA into its physician network, expanding the reach of both VEVYE and TYRVAYA.
Regulatory Milestones: How quickly TYRVAYA gains marketing authorization in additional countries beyond the U.S., China, and Taiwan.