© Reuters. FILE PHOTO: ReNu contact lens solution by Bausch + Lomb, is seen for sale in Manhattan, New York City, U.S., May 20, 2022. REUTERS/Andrew Kelly/File Photo
(Reuters) – Bausch + Lomb Corp will purchase a dry-eye drug from Swiss pharma company Novartis for $1.75 billion, the companies said on Friday, as the contact lens maker seeks to capitalise on a growing market for the disease’s treatment.
Acquisition of the drug, Xiidra, will mark the first big deal by CEO Saunders since he returned to the company in March.
Sales of the anti-inflammation eye drop Xiidra, mainly from the U.S. market, were $487 million last year, up 4%. It faces competition from AbbVie (NYSE:)’s Restasis and cheaper copycat versions.
The deal will also include potential milestone payments worth up to $750 million.
This story originally appeared on Investing
