Stock Market News

Bausch + Lomb buys Novartis drugs for $1.75 billion to boost eye-care portfolio

2023.06.30 11:22


© Reuters. FILE PHOTO: ReNu contact lens solution by Bausch + Lomb, is seen for sale in Manhattan, New York City, U.S., May 20, 2022. REUTERS/Andrew Kelly/File Photo

(Reuters) – Bausch + Lomb said on Friday it would acquire several Novartis eye-care products for $1.75 billion as their market grows, sending the company’s shares up over 8% in early trading.

The deal includes acquisition of Novartis’ anti-inflammation eye drop Xiidra, experimental drug libvatrep for chronic ocular surface pain, and rights to use the Swiss pharma company’s AcuStream dry-eye drug delivery device.

The first big deal by CEO Saunders since his return to the company in March also includes potential milestone payments of up to $750 million to Novartis.

It is expected to close by the end of this year and will boost the company’s earnings, the company said.

Bausch + Lomb’s Miebo was approved last month for dry-eye condition, which affects about 739 million people worldwide, including around 38 million in the United States.

Novartis said it would continue to supply Xiidra on behalf of Bausch + Lomb for a “limited period” after the deal closes to ensure consistent supply to patients.

The company said last year it would slash costs and take an “opportunistic” approach to eye care and respiratory diseases, while focusing more on cardio-renal care, immunology, neuroscience, oncology and hematology.

It had acquired Xiidra from Takeda Pharmaceutical in 2019 for an upfront payment of $3.4 billion.

Sales of Xiidra, mainly in the U.S. market, stood at $487 million in 2022, up 4% from a year earlier. The treatment faces competition from AbbVie (NYSE:)’s Restasis and cheaper copycat versions.

Novartis’s largest ophthalmology product, Lucentis, for treating macular degeneration, a common cause of blindness in the elderly, has seen sales decline because of cheaper alternatives.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 84,233.57 0.62%
ethereum
Ethereum (ETH) $ 1,923.33 0.48%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.38 0.69%
bnb
BNB (BNB) $ 606.99 2.60%
solana
Solana (SOL) $ 134.39 1.35%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.737248 0.50%
dogecoin
Dogecoin (DOGE) $ 0.175095 1.92%
tron
TRON (TRX) $ 0.218907 0.83%
staked-ether
Lido Staked Ether (STETH) $ 1,920.20 0.36%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,083.53 0.56%
pi-network
Pi Network (PI) $ 1.49 2.97%
chainlink
Chainlink (LINK) $ 14.12 2.53%
leo-token
LEO Token (LEO) $ 9.73 1.74%
the-open-network
Toncoin (TON) $ 3.47 18.46%
stellar
Stellar (XLM) $ 0.272685 0.13%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,299.36 0.33%
usds
USDS (USDS) $ 1.00 0.01%
hedera-hashgraph
Hedera (HBAR) $ 0.191868 0.15%
avalanche-2
Avalanche (AVAX) $ 19.37 4.60%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 2.52%
sui
Sui (SUI) $ 2.33 0.13%
litecoin
Litecoin (LTC) $ 92.03 0.33%
bitcoin-cash
Bitcoin Cash (BCH) $ 339.18 0.92%
polkadot
Polkadot (DOT) $ 4.31 1.39%
mantra-dao
MANTRA (OM) $ 6.63 4.17%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
weth
WETH (WETH) $ 1,923.92 0.47%
bitget-token
Bitget Token (BGB) $ 4.47 1.64%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999377 0.04%
hyperliquid
Hyperliquid (HYPE) $ 13.76 3.93%
whitebit
WhiteBIT Coin (WBT) $ 28.87 1.60%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,044.36 0.42%
monero
Monero (XMR) $ 212.55 1.14%
uniswap
Uniswap (UNI) $ 6.25 2.88%
susds
sUSDS (SUSDS) $ 1.04 0.06%
aptos
Aptos (APT) $ 5.31 0.60%
dai
Dai (DAI) $ 0.999644 0.01%
near
NEAR Protocol (NEAR) $ 2.65 0.64%
pepe
Pepe (PEPE) $ 0.000007 1.20%
internet-computer
Internet Computer (ICP) $ 5.82 2.90%
okb
OKB (OKB) $ 46.56 2.95%
ondo-finance
Ondo (ONDO) $ 0.86986 0.88%
ethereum-classic
Ethereum Classic (ETC) $ 17.89 0.20%
mantle
Mantle (MNT) $ 0.794453 8.36%
gatechain-token
Gate (GT) $ 21.76 1.89%
aave
Aave (AAVE) $ 173.36 0.14%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,277.58 0.56%
tokenize-xchange
Tokenize Xchange (TKX) $ 29.93 6.74%