2023-06-30 07:55:08 ET
- Bausch + Lomb Corporation ( BLCO ) is set to pay $1.75B to acquire Xiidra, a dry-eye treatment from Novartis ( NVS ), The Wall Street Journal reported Friday, citing people familiar with the matter.
- The deal, the first major transaction under Bausch + Lomb’s ( BLCO ) newly appointed CEO Brent Saunders, could be announced as early as Friday, according to the people.
- Xiidra, which brought $487M in sales for Novartis ( NVS ) in 2022, competes against Restasis from Allergan, where Saunders previously served as CEO before AbbVie ( ABBV ) acquired the Botox maker for $63B in 2020.
- Dry eye disease is estimated to affect about 16M people in the U.S., and its prevalence is rising partly due to the aging population.
- Saunders previously led Bausch + Lomb ( BLCO ) from 2010 to 2013 before its sale to Valeant Pharmaceuticals International, which later carved out the larger health care firm Bausch Health ( NYSE: BHC ). Bausch + Lomb ( BLCO ) is also being spun out of Bausch Health ( BLCO ).
For further details see:
Bausch + Lomb to buy dry-eye therapy from Novartis for over $1B – WSJ