Business
Bausch Health's Bausch + Lomb to Acquire Novartis' XIIDRA(R)
LAVAL, QC / ACCESSWIRE / June 30, 2023 / Bausch + Lomb Corporation (NYSE/TSX:BLCO), a subsidiary...
About this update from Bausch Health Companies Inc.
[{"type":"text","content":"Bausch Health’s Bausch + Lomb to Acquire Novartis’ XIIDRA(R)LAVAL, QC / ACCESSWIRE / June 30, 2023 / Bausch + Lomb Corporation (NYSE/TSX:BLCO), a subsidiary of Bausch Health Companies Inc. (NYSE/TSX:BHC), announced that it has entered into a definitive agreement with Novartis to acquire XIIDRA® (lifitegrast ophthalmic solution) 5%, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease (DED) focusing on inflammation associated with dry eye.Under the terms of the agreement, Bausch + Lomb, through an affiliate, has agreed to acquire XIIDRA, libvatrep and AcuStream from Novartis for up to $2.5 billion, including an upfront payment of $1.75 billion in cash with potential milestone obligations up to $750 million based on sales thresholds and pipeline commercialization. Bausch + Lomb will also bring on the sales force supporting XIIDRA. Bausch + Lomb has obtained fully committed financing from J.P. Morgan for the transaction and intends to finance the $1.75 billion upfront cash purchase price with new debt prior to closing. The transaction is expected to close by the end of 2023 and be immediately accretive to Bausch + Lomb. The transaction was approved by the Board of Directors at each of the respective companies and is subject to receipt of regulatory approval and other customary closing conditions.About Bausch HealthBausch Health Companies Inc. (NYSE/TSX:BHC) is a global diversified pharmaceutical company whose mission is to improve people's lives with our health care products. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neurology, dermatology, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb. With our leading durable brands, we are delivering on our commitments as we build an innovative company dedicated to advancing global health. For more information, visit www.bauschhealth.com and connect with us on Twitter and LinkedIn.Forward-Looking StatementsThis news release may contain forward-looking statements about the future performance of Bausch Health, which may generally be identified by the use of the words \"anticipates,\" \"hopes,\" \"expects,\" \"intends,\" \"plans,\" \"should,\" \"could,\" \"would,\" \"may,\" \"believes,\" \"subject to\" and variations or similar expre...