Labs Thea gets rights to commercialize 19 ophthalmic products from Novartis

Laboratoires Thea, a France-based independent ophthalmic group, continues its expansion in ophthalmology with the announcement of the acquisition of a broad range of products in the European Economic Area (EEA), Canada, Mexico and Turkey, from Swiss drug major Novartis (NOVN: VX).

This deal will significantly strengthen the company's geographical presence through the opening of new affiliates in countries where Thea products were either sold through distributors or unavailable to-date. The newly-acquired products will also reinforce the company's overall activities in the area of eye allergies, inflammation and dry eye. Financial terms of the deal were not disclosed.

"This acquisition represents a major step in our growth strategy and opens numerous cross- fertilization opportunities for both our existing and new businesses," said Thea president Jean-Frederic Chibret.