Novartis Completes Divestment Of 'front Of Eye' Ophthalmology Assets To Bausch + Lomb

(RTTNews) - Novartis (NVS) said that it has completed its divestment of 'front of eye' ophthalmology assets to Bausch + Lomb, a global eye health company, in a transaction valued up to $2.5 billion. The deal value consisted of 1.75 billion in upfront cash, plus potential additional milestone payments.

The deal includes Xiidra, the first approved prescription treatment for the signs and symptoms of dry eye disease, and investigational medicine SAF312 (libvatrep), in development as a first-in-class therapy for chronic ocular surface pain (COSP), as well as the AcuStream delivery device in dry eye indications and OJL332, a second generation TRPV1 antagonist in pre-clinical development.

As per the terms of the agreement, Novartis will receive $1.75 billion in an upfront cash payment and potential milestone payments of up to $750 million linked to the achievement of specified sales milestones for Xiidra, and the achievement of specified commercialization and sales milestones for certain pipeline products in the transaction.

Novartis, on behalf of Bausch + Lomb, will continue to supply Xiidra to patients via transitional agreements for a limited period post-close, to ensure consistent supply for patients.