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It was announced last week that Bausch + Lomb entered into a definitive agreement with Novartis under which Bausch will acquire Xiidra, a non-steroid eye drop specifically approved to treat symptoms of dry eye disease.👀
Brent Saunders, Bausch’s CEO said of the $2.5 billion acquisition ‘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. 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’
Xiidra, which generated $487 million in sales in 2022, will join an established portfolio of dry eye and contact lens drops and is patented until 2033.