Bausch + Lomb Shares Climb After $2.5 Billion Deal to Buy Dry-Eye Drug from Novartis
01 July 2023 - 1:50AM
Dow Jones News
By Robb M. Stewart
Bausch + Lomb shares jumped Friday after the eye-care company
moved to buy a dry-eye drug from Novartis for up to $2.5
billion.
In late morning trading, the shares were 5.5% higher at C$26.77,
widening the advance so far this year to 27%.
The company confirmed a report by The Wall Street Journal that
it would buy Xiidra, Novartis's non-steroid eye drop approved to
treat the signs and symptoms of dry eye disease, libvatrep and
AcuStream for $1.75 bullion in cash, the first big move by Chief
Executive Brent Saunders since he returned to the helm in March.
The deal includes potential milestone payments of up to $750
million based on sales thresholds and pipeline commercialization,
Bausch + Lomb said.
The company, which is in the process of being spun out of a
larger healthcare firm, Bausch Health, said it will bring on the
sales force supporting Xiidra.
Bausch + Lomb said the deal, which it expects to close by the
end of the year, will be immediately accretive.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
June 30, 2023 11:35 ET (15:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Bausch and Lomb (TSX:BLCO)
Historical Stock Chart
From Apr 2024 to May 2024
Bausch and Lomb (TSX:BLCO)
Historical Stock Chart
From May 2023 to May 2024
