Oyster Point Pharma
Oyster Point Pharma was a United States biopharmaceutical company focused on therapies for ophthalmic diseases, best known for developing Tyrvaya, an FDA-approved nasal spray for dry eye disease.
Last updated August 31, 2026
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Overview
Oyster Point Pharma was an American biopharmaceutical company headquartered in Princeton, New Jersey, whose research and commercial focus was ophthalmology. Established in 2015, the company pursued drug therapies for diseases affecting the eye, with particular emphasis on dry eye disease. Its development strategy centered on a nasal-delivery approach rather than relying solely on conventional topical eye drops. The company operated as a clinical-stage biotechnology business during its early years. Before its public offering, it reported a loss of $16.5 million in 2018, reflecting the substantial research, clinical-development, regulatory, and commercialization costs associated with bringing an ophthalmic medicine to market. In February 2019, Oyster Point raised $93 million in a Series B financing round to support its development programs. Later that year, it completed an initial public offering of five million shares on the Nasdaq Global Select Market at $16 per share. Its shares began trading on October 31, 2019. Oyster Point's principal commercial achievement was Tyrvaya, a varenicline nasal spray. In October 2021, the United States Food and Drug Administration approved Tyrvaya for the treatment of dry eye disease. The product was notable as the first nasal spray approved by the FDA for this indication. Rather than delivering medication directly onto the ocular surface, Tyrvaya was designed to stimulate natural tear production through nasal administration, giving Oyster Point a differentiated position in the dry-eye market. The company's independent existence ended after Viatris agreed to acquire it in an all-cash transaction completed in January 2023. Following the acquisition, Oyster Point's principal product and related commercial and development activities became part of Viatris's portfolio. Accordingly, Oyster Point Pharma is best treated as a former standalone biopharmaceutical company rather than an active independent enterprise. Public reference material identifies Tyrvaya as its lead product, while detailed information about additional marketed products, operating markets, executives, and post-acquisition brand treatment is limited.
History
Oyster Point Pharma was founded in 2015 in the United States as a biopharmaceutical company dedicated to ophthalmic diseases. It was based in Princeton, New Jersey, and developed its business around pharmaceutical research rather than the manufacture of general consumer eye-care products. Its central scientific and commercial objective was to develop therapies for dry eye disease and related ophthalmic conditions. During its early development period, Oyster Point operated as a clinical-stage company. Like many biotechnology businesses before product approval, it incurred significant research and development expenses and had not yet established commercial-product revenue. The company reported a loss of $16.5 million in 2018. In February 2019, it strengthened its funding position through a $93 million Series B financing round. Later in 2019, Oyster Point accessed the public markets by issuing five million shares in an initial public offering on the Nasdaq Global Select Market at $16 per share. Its first trading day was October 31, 2019. The company's most important development program was Tyrvaya, a varenicline nasal spray intended to treat dry eye disease. The product used nasal administration as an alternative to conventional ocular delivery. In October 2021, the United States Food and Drug Administration approved Tyrvaya for dry eye disease. The approval was a defining milestone because Tyrvaya was identified as the first nasal spray approved by the FDA for that indication. It became Oyster Point Pharma's lead product and transformed the company from a primarily development-stage biotechnology business into one with an approved therapy. Oyster Point's independent corporate history concluded through its acquisition by Viatris. In January 2023, Viatris acquired the company in an all-cash deal. The transaction transferred Oyster Point's principal product and business activities to Viatris and removed the company from the market as a standalone enterprise. As a result, Oyster Point Pharma is now best documented as a former ophthalmic biopharmaceutical company whose main legacy is the development and regulatory approval of Tyrvaya. Publicly available reference material does not provide a complete record of its executive roster, broader product pipeline, international operations, or the detailed integration of its business into Viatris.
- 2023
Acquired by Viatris
[1]Viatris acquired Oyster Point Pharma in an all-cash transaction, ending its independent corporate operation.
- 2021
Tyrvaya receives FDA approval
[1]The FDA approved Tyrvaya as a nasal spray for the treatment of dry eye disease.
- 2019
Series B financing
[1]Oyster Point raised $93 million in a Series B funding round in February.
- 2019
Initial public offering
[1]The company issued five million shares at $16 per share on the Nasdaq Global Select Market, with trading beginning on October 31.
- 2018
Reports a $16.5 million loss
[1]Before going public, the company reported a loss of $16.5 million for 2018, reflecting its development-stage operating profile.
- 2015
Company founded
[1]Oyster Point Pharma was established as a United States biopharmaceutical company focused on therapies for ophthalmic diseases.
Products and positioning
A clinical-stage and later commercial biopharmaceutical company differentiated by ophthalmic therapies using novel delivery approaches, particularly nasal administration for dry eye disease.
Dry-eye disease pharmaceutical · 2021
Tyrvaya
Tyrvaya is a varenicline nasal spray developed by Oyster Point Pharma for the treatment of dry eye disease. Its nasal route of administration distinguished it from conventional eye-drop therapies by seeking to stimulate natural tear production through nasal delivery. The United States Food and Drug Administration approved it in October 2021, making it the first FDA-approved nasal spray for dry eye disease and Oyster Point's lead commercial product.
Brand decisions
2023
Sale to ViatrisM&ABackground
Oyster Point had developed and obtained approval for Tyrvaya but no longer continued as an independent company after the transaction.
Action taken
Viatris acquired Oyster Point Pharma in an all-cash deal in January 2023.
Aftermath
Oyster Point ceased to operate as an independent standalone biopharmaceutical company, while its product and related business became part of Viatris.
2021
Commercialization of Tyrvaya following FDA approvalProduct launchBackground
Oyster Point's principal development program targeted dry eye disease through a nasal-delivery formulation.
Action taken
Following FDA approval in October 2021, the company advanced Tyrvaya as its lead product for dry eye disease.
Aftermath
The approval gave Oyster Point an approved ophthalmic medicine and established Tyrvaya as the central product associated with the company.
2019
Accessing the public markets through an IPOOtherBackground
Oyster Point remained a development-stage company but required capital to advance its ophthalmic pharmaceutical programs.
Action taken
The company issued five million shares at $16 per share on the Nasdaq Global Select Market, with its first trading day on October 31, 2019.
Aftermath
The offering provided a public-market financing platform before the company received approval for its lead product.
IPO price and shares issued. $16 per share; five million shares issued (October 2019)
Recent events
- Unconfirmed
Oyster Point Pharma announces proposed IPO filing[2]
Oyster Point Pharma announced that it had filed a Form S-1 registration statement with the SEC for a proposed initial public offering. The share count and price range had not yet been determined, and the offering was subject to conditions.
Sources2 sources
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