Novartis off-loads 'front of eye' ophthalmology assets for $2.5 billion
In a deal consistent with the Swiss pharma giant’s focused prioritized therapy strategy, Novartis (NOVN: VX) today said it has signed an agreement to divest ‘front of eye’ ophthalmology assets to Canada-based Bausch + Lomb (TSK: BLCO).
The transaction is valued up to 2.5 billion, including $1.75 billion in upfront cash, plus additional milestone payments.
The deal includes Xiidra (lifitegrast ophthalmic solution), the first approved prescription treatment for the signs and symptoms of dry eye disease. Novartis acquired the product from Japan’s Takeda (TYO: 4502) in a transaction that included a $3.4 billion upfront payment with potential milestone payments of up to $1.9 billion.
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