Kala Pharmaceuticals Completes Sale of Eysuvis, Inveltys to Alcon Inc.
Kala Pharmaceuticals Inc. announced today that it has completed the sale of its commercial portfolio and related intellectual property assets to Alcon Inc., a transaction first announced in May.
The company says the sale includes Eysuvis, the first and only drug approved by the U.S. Food and Drug Administration for the short-term (up to two weeks) treatment of dry eye signs and symptoms, and Inveltys. , a medicine twice a year. daytime corticosteroid for the treatment of postoperative inflammation and pain following eye surgery.
The company noted that under the terms of the agreement, Kala received an upfront payment of $60 million in cash upon closing and is eligible to receive commercial milestone payments. Kala expects that its existing cash resources, along with net payments received upon closing of the Alcon transaction and expected operating expense reductions, will enable it to fund its operations through the second quarter of 2024.
According to Mark Iwicki, President and CEO of Kala, the completion of the sale marks a significant transformation for the company, as it directs its efforts to focus on advancing KPI-012, a new biologic drug with the potential to improve the treatment of multiple rare ophthalmic conditions.
“As we enter the second half of 2022, we are operating from an improved financial position, with sufficient capital to fund our operations beyond the expected reading of data from our Phase 2/3 KPI trial. -012 for persistent corneal epithelial defect,” he said in a statement. “We expect to initiate this study in the fourth quarter of 2022, as we continue our commitment to developing innovative products that can better treat rare and underserved eye diseases.”
Piper Sandler acted as exclusive financial advisor and Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisor to Kala.