Novartis sells ophthalmology assets to Bausch + Lomb for $2.5 billion
Novartis, a Swiss multinational operating in the pharmaceutical sector, has signed a agreement for 
divestment of the ophthalmology business front of eye to Bausch + Lomb, a North American eye health company, in a transaction valued at up to $2.5 billion, including $1.75 billion in cash upfront.
The deal also includes Xiidra, the first approved prescription treatment for the signs and symptoms of dry eye disease, the investigational drug SAF312 (libvatrep), under development as a therapy for chronic ocular surface pain (COSP), and other assets.
"Our continuous improvement of the portfolio it allows us to best employ our scientific expertise and resources towards priority therapeutic programs and areas, while remaining open to opportunistic development for additional high-impact conditions, leveraging our advanced technology platforms,” he said Ronny Gal, Novartis Chief Strategy & Growth Officer.
The acquisition “provides the scale needed for the company and transform our pharmaceutical business to make us a leader in ocular surface diseases,” he said Brent Saunders, CEO of Bausch + Lomb. “The deal is also expected to accelerate margin expansion through a broader mix of pharmaceuticals in our portfolio, deliver strong and immediate earnings lift, and present a clear path to deleveraging,” he added.
Under the terms of the agreement, Novartis will receive payments of up to $750 million related to anticipated future sales of Xiidra, SAF312 (libvatrep), and OJL332. The closing is expected in second half of 2023.
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Note:
The story begins in 1853 when John Jacob Bausch borrowed a 60$ from his friend Henry Lomb to open a small optical shop.
In Rochester, New York, thanks to «Sixty dollars and a handshake» opens “J. Bausch Optician”. That handshake remains the only contract the two ever entered into.
170 years later Bausch + Lomb is a world leader in eye health.
In 2013 Bausch + Lomb was acquired by the international group Valeant Pharmaceuticals Inc., a multinational pharmaceutical company that has 22,000 employees and is present in more than 150 countries worldwide.
