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Bausch + Lomb announces a $1.75 billion definitive agreement with Novartis to acquire XIIDRA dry eye treatment, positioning the Ontario-based eye health company as a leader in ocular surface diseases and bolstering its prescription dry eye unit.
With the purchase, Bausch + Lomb will have a considerable opportunity to grow its prescription dry eye unit further. Novartis AG is divesting its XIIDRA dry-eye treatment to the Swiss drugmaker, and the transaction value could go up to $2.5 billion with a $1.75 billion upfront payment.
In any case, Novartis acquired the XIIDRA product from Takeda for $3.4 billion in 2019. Pharmastar reported that under the helm of leadership of chief executive officer Vas Narasimhan, Novartis has been expanding the company by spinning off some of the low-growth business units, such as its Alcon eye care. It has plans to do the same for its Sandoz healthcare company subsidiary.
“This acquisition is a prime example of our strategy in action, as it provides needed scale for the company and transforms our pharmaceuticals business by making us a leader in ocular surface diseases,” Bausch + Lomb’s chairman and CEO, Brent Saunders, said in a press release. “The deal is also expected to accelerate margin expansion through a larger mix of pharmaceutical products in our portfolio, provide strong and immediate earnings accretion and presents a clear path to deleverage, making it financially compelling.”
Marguerite McDonald, M.D., F.A.C.S., OCLI Vision at Oceanside, N.Y., also explained that “Dry eye disease is multi-factorial and can stem from varying root causes, which means differing treatment options are needed. With the acquisition of XIIDRA and the recent approval of MIEBO, Bausch + Lomb enhances its approach to different facets of dry eye and is well positioned to ensure both medicines reach as many patients as possible.”
Photo by: Bausch & Lomb Website
