Viatris’s Sale of TYRVAYA to Harrow

On August 6, 2026, Harrow, a leading provider of ophthalmic disease management solutions in North America, announced that it has entered into a definitive agreement to acquire TYRVAYA® (varenicline solution) nasal spray 0.03 mg from Viatris Inc. (“Viatris”), a global healthcare company. TYRVAYA is a cholinergic agonist indicated for the treatment of the signs and symptoms of dry eye disease (DED) and is currently approved in the U.S., China, and Taiwan, with marketing authorization applications pending in other countries. Under the terms of the agreement, Harrow will pay $30 million in cash at closing and up to $70 million in contingent milestone payments tied to TYRVAYA's net sales, for a potential total consideration of up to $100 million. Cravath is representing Viatris in connection with the transaction.

The Cravath team is led by partners Andrew M. Wark and Mark I. Greene and includes associates Hannah Gehringer and Reva Bardhi on M&A matters; partner J. Leonard Teti II and associates Ruth Goldstein Schapiro and Jonathan Minion on tax matters; partner Jonathan J. Katz, of counsel Sarah W. Colangelo and associate Nicholas J. Celli on executive compensation and benefits matters; and partner David J. Kappos, of counsel Kathryn-Ann Stamm and associate Jason Yung Liang on intellectual property matters.