Harrow buys rights to ophthalmic drug | Area Stocks

Harrow buys rights to ophthalmic drug | Area Stocks

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Harrow Health executives this week signed their second drug candidate license deal of the summer, this time linking up with a Japanese company for a proposed ophthalmic treatment.

Nashville-based Harrow, which moved here from San Diego in 2019, has secured from Wakamoto Pharmaceutical the license and marketing rights for the United States and Canada to the proposed MAQ-100 treatment, which is injected into the eye during surgeries to treat problems with the retina and vitreous, the latter being the gel-like substance filling the middle of an eye. Wakamoto has been marketing the drug in Japan since 2010.

“This transaction is an excellent strategic fit with our recent commitment to expand our footprint to include retina-focused surgeons,” said CEO Mark Baum, whose team last month announced a similar deal for an anesthetic used in cataract surgeries and other procedures. “Both transactions allow us to leverage our wholly owned, efficient, scalable and tech-enabled ImprimisRx ophthalmic-focused platform to expand the portfolio of ophthalmic pharmaceutical products we provide to the thousands of prescribers we serve across the country.”

Per the deal, Harrow will pay Wakamoto a per-unit transfer price and is on the hook for up to $2 million in milestone payments related to regulatory milestones and up to $6.2 million if MAQ-100 hits certain commercial milestones. Harrow also will handle U.S. and Canada regulatory filings.

Harrow’s recent deals come after a spring in which Baum and his team raised more than $75 million to fund various growth initiatives, including the expansion of their product line. The company’s shares (Ticker: HROW) fell nearly 3 percent to $8.41 Thursday; they have risen slightly over the past six months.

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Robert Swift

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