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Harrow Health terminates $8M asset deal with Noice

Harrow Health Inc. ended its $8 million deal with Noice Rx LLC to sell all the assets of its wholly owned subsidiary Park Compounding Inc., including a pharmacy facility and equipment located in Irvine, Calif.

Park Compounding housed Harrow's non-ophthalmology pharmaceutical compounding business.

The deal failed because Noice was unable to secure a temporary pharmacy and sterile license permit from the California State Board of Pharmacy, a requirement for the deal to close.

As a result, San Diego-based Harrow Health has decided to restructure the Park business and transfer certain compounded formulations and related equipment to its New Jersey-based compounded pharmaceutical production facilities. This move will cost the company about $4.5 million, in addition to several one-time costs of about $300,000 to $500,000 before year-end.

Harrow Health develops and sells sterile and non-sterile compounded medications to physicians dealing with eye-related disorders.