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Bausch + Lomb CEO Brent Saunders, known for his dealmaking reputation, has announced the acquisition of dry eye drug Xiidra from Novartis for $1.75 billion. With the transaction expected to close by the end of the year, Saunders plans to focus on integrating Xiidra into the company and will temporarily pause on pursuing larger mergers and acquisitions, while keeping an eye out for smaller deals.
Bausch + Lomb has announced its acquisition of several eye-care products from Novartis for $1.75 billion, including the anti-inflammation eye drop Xiidra, an experimental drug for chronic ocular surface pain, and rights to use Novartis' AcuStream dry-eye drug delivery device. The deal, expected to close by the end of the year, marks CEO Brent Saunders' first major move since returning to the company in March. Bausch + Lomb's recent approval of Miebo for dry-eye condition, coupled with this acquisition, will strengthen its eye-care portfolio. Novartis will continue to supply Xiidra temporarily after the deal closes.
Bausch + Lomb's CEO has made their first major deal since returning to the company, with the acquisition marking a significant move for the company.
Novartis has signed an agreement to divest its 'front of eye' ophthalmology assets, including Xiidra® and SAF312 (libvatrep), to Bausch + Lomb for up to $2.5 billion. The deal aligns with Novartis' focused strategy of prioritizing therapeutic areas. Novartis will receive milestone payments linked to future sales, and will continue to supply Xiidra to patients on behalf of Bausch + Lomb for a limited period. The transaction is expected to close in the second half of 2023, subject to customary conditions. Novartis will continue its research and development efforts in retinal diseases.