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Bausch + Lomb to buy Novartis eye drop for $1.75 billionAcquisition of the drug, Xiidra, will mark the first big deal by CEO Brent Saunders since he returned to the company in March.
Reuters
Last Updated IST
Representative image. Credit: iStock Photo
Representative image. Credit: iStock Photo

Bausch + Lomb Corp will purchase a dry-eye drug from Swiss pharma company Novartis for $1.75 billion, the companies said on Friday, as the contact lens maker seeks to capitalise on a growing market for the disease's treatment.

Acquisition of the drug, Xiidra, will mark the first big deal by CEO Brent Saunders since he returned to the company in March.

Sales of the anti-inflammation eye drop Xiidra, mainly from the US market, were $487 million last year, up 4 per cent. It faces competition from AbbVie's Restasis and cheaper copycat versions.

The deal will also include potential milestone payments worth up to $750 million.

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(Published 30 June 2023, 18:40 IST)