DRI Healthcare Trust acquires royalty stake in cataract drug Omidria

• Omidria was approved by the US Food and Drug Administration in 2014 and the European Medicines Agency in 2015
• It is marketed by Rayner Surgical
• Since its inception in 1989, DRI Capital has deployed more than $2 billion, acquiring more than 60 royalties on 40-plus drugs

DRI Healthcare Trust has acquired a royalty interest in Omidria, a drug used in cataract surgery or intraocular lens replacement, from Seattle, Washington-based Omeros Corp. The purchase price was $125 million.

DRI Healthcare Trust is wholly owned subsidiary of DRI Capital, a Canadian healthcare royalty private equity manager.

Omidria is a bisulfite-free and preservative-free product that is indicated for intracameral irrigation during cataract surgery to maintain pupil dilation and reduce post operative pain.

Omidria was approved by the U.S. Food and Drug Administration in May 2014 and the European Medicines Agency in July 2015 for intracameral use during cataract surgery or intraocular lens replacement to maintain pupil dilation and reduce postoperative pain.

The drug is marketed by Rayner Surgical, a provider of intraocular lenses and proprietary injection devices for use in cataract surgery.

“We are pleased to announce our partnership with Omeros and look forward to continuing to work with their team,” said Behzad Khosrowshahi, CEO of DRI Healthcare Trust, in a statement. “Adding Omidria to our portfolio represents a significant and strategic transaction for DRI. It is expected to immediately contribute meaningful and growing cash flows to our portfolio. With this transaction DRI has now deployed $184.5 million over three transactions so far in 2022.”

Since its inception in 1989, Toronto-based DRI Capital has deployed more than $2 billion, acquiring more than 60 royalties on 40-plus drugs, including Eylea, Spinraza, Zytiga, Remicade, Keytruda and Stelara.