Novartis to divest assets to Bausch + Lomb for $2.5B

Novartis has agreed to divest its "front of eye" ophthalmology assets to global health company Bausch + Lomb in a $2.5 billion deal, including $1.75 billion in cash upfront. 

The deal encompasses medications including Xiidra, a treatment for dry eyes disease; SAF312, a therapy for ocular surface pain; and AcuStream. 

Novartis will receive milestone payments of up to $750 million for anticipated future sales of Xiidra, SAF312 and OJL332, a TRPV1 antagonist in preclinical development, according to a June 30 press release. Novartis will continue to supply Xiidra to patients for a time on behalf of Bausch + Lomb via transitional agreements. 

The deal is expected to close in the second half of 2023, subject to regulatory approval and conditions. 

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