Kala Pharmaceuticals Inc (NASDAQ:KALA) shares are trading higher after the company said it would sell its EYSUVIS and INVELTYS treatments for $60 million.
Kala Pharmaceuticals is selling its commercial portfolio and related intellectual property assets to Alcon. Kala says the company will receive $60 million in an upfront payment and is eligible to receive additional sales-based milestone payments.
"The sale of EYSUVIS and INVELTYS is an important step as we execute on our strategic plan and pursue our mission of delivering innovative therapies that can address significant unmet needs in ophthalmology," said Mark Iwicki, Chief Executive Officer and Chairman of Kala.
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Kala Pharmaceuticals is a biopharmaceutical company focused on the discovery, development and commercialization of innovative therapies for diseases of the eye.
According to data from Benzinga Pro, Kala Pharmaceuticals has a 52-week high of $6.77 and a 52-week low of $0.59.
