BUSINESS Omeros Completes Sale of OMIDRIA Franchise to Rayner Surgical By Staff Thursday, December 30, 2021 12:18 AM SEATTLE—Omeros Corporation (Nasdaq: OMER) announced that it has completed the sale of OMIDRIA (phenylephrine and ketorolac intraocular solution) 1.0%/0.3% to Rayner Surgical Group Inc., an affiliate of Rayner Surgical Group Limited. The transaction was completed pursuant to an Asset Purchase Agreement that was announced on Dec. 2, 2021. OMIDRIA (phenylephrine and ketorolac intraocular solution) 1%/0.3% is the first and only FDA-approved product of its kind and is marketed in the U.S. for use during cataract surgery or intraocular lens replacement to maintain pupil size by preventing intraoperative miosis (pupil constriction) and to reduce postoperative ocular pain.Omeros received approximately $126 million in cash at closing. In addition, Omeros retains and is entitled to collect the full amount of its accounts receivable outstanding as of Dec. 23’s closing. Omeros also is eligible to receive an additional $200 million in a commercial milestone payment. Together with substantial royalties to be paid by Rayner to Omeros on net sales of OMIDRIA, the transaction is valued in excess of $1 billion. Rayner will pay Omeros royalties on both U.S. and ex-U.S. net sales of OMIDRIA. In the U.S., the royalty rate will be 50 percent of U.S. net sales until the earlier of either January 1, 2025 or payment of the $200-million commercial milestone, after which Omeros will receive royalties of 30 percent of U.S. net sales for the life of OMIDRIA’s U.S. patent estate. The commercial milestone payment is triggered if separate payment for OMIDRIA is secured for a continuous period of at least four years. Outside of the U.S., Omeros will receive a 15-percent royalty rate on OMIDRIA net sales throughout the applicable patent life on a country-by-country basis. Omeros is an innovative biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market and orphan indications targeting inflammation, immunologic diseases and cancers. Headquartered in Worthing, U.K., Rayner markets its IOL, OVD and dry eye portfolio, worldwide in over 80 countries through a network of distributors and includes direct sales teams in the U.K., U.S., Germany, Austria, Switzerland, Italy, India, Spain and Portugal.