- Divested assets to include Xiidra®, on-market treatment for dry eye disease and SAF312 (libvatrep), potential therapy for chronic ocular surface pain
- Deal consistent with Novartis focused strategy of prioritized therapeutic areas
- Closing anticipated 2H 2023, subject to customary conditions
BASEL, Switzerland I June 30, 2023 I Novartis announced today that it has signed an agreement to divest ‘front of eye’ ophthalmology assets to Bausch + Lomb, a global eye health company, in a transaction valued up to USD 2.5 billion, including USD 1.75 billion in upfront cash, plus additional milestone payments. The deal includes Xiidra®, the first approved prescription treatment for the signs and symptoms of dry eye disease, and investigational medicine SAF312 (libvatrep), in development as a first-in-class therapy for chronic ocular surface pain (COSP), as well as the rights for use of the AcuStream delivery device in dry eye indications and OJL332, a second generation TRPV1 antagonist in pre-clinical development.
“This transaction will enhance our focus on prioritized innovative medicines to alleviate society’s greatest disease burdens, achieve the greatest patient impact and drive our growth strategy.”, said Ronny Gal, Chief Strategy & Growth Officer of Novartis. “Our ongoing portfolio refinement enables us to best deploy our scientific expertise and resources towards priority programs and therapeutic areas, while remaining open to opportunistic development for additional high impact conditions leveraging our advanced technology platforms. We believe that Bausch + Lomb has the capabilities, scale and commitment to continue the work of Novartis in delivering and developing much needed therapies for patients suffering from dry eye and related conditions.”
Under the terms of the agreement, Novartis will receive milestone payments up to USD 750 million linked to anticipated future sales for Xiidra, SAF312 (libvatrep) and OJL332. Novartis will continue to supply Xiidra to patients on behalf of Bausch + Lomb, via transitional agreements for a limited period post-close, to ensure consistent supply for patients.
Closing is anticipated in the second half of 2023 subject to customary conditions.
Novartis will continue its R&D efforts in addressing retinal diseases via platforms including gene therapy and optogenetics.
About Novartis
Novartis is reimagining medicine to improve and extend people’s lives. We deliver high-value medicines that alleviate society’s greatest disease burdens through technology leadership in R&D and novel access approaches. In our quest to find new medicines, we consistently rank among the world’s top companies investing in research and development. About 103,000 people of more than 140 nationalities work together to bring Novartis products to nearly 800 million people around the world. Find out more at https://www.novartis.com
Novartis is on Twitter. Sign up to follow @Novartis at https://twitter.com/novartisnews
For Novartis multimedia content, please visit http://www.novartis.com/news/media-library
For questions about the site or required registration, please contact media.relations@novartis.com“>media.relations@novartis.com
SOURCE: Novartis
Post Views: 330
- Divested assets to include Xiidra®, on-market treatment for dry eye disease and SAF312 (libvatrep), potential therapy for chronic ocular surface pain
- Deal consistent with Novartis focused strategy of prioritized therapeutic areas
- Closing anticipated 2H 2023, subject to customary conditions
BASEL, Switzerland I June 30, 2023 I Novartis announced today that it has signed an agreement to divest ‘front of eye’ ophthalmology assets to Bausch + Lomb, a global eye health company, in a transaction valued up to USD 2.5 billion, including USD 1.75 billion in upfront cash, plus additional milestone payments. The deal includes Xiidra®, the first approved prescription treatment for the signs and symptoms of dry eye disease, and investigational medicine SAF312 (libvatrep), in development as a first-in-class therapy for chronic ocular surface pain (COSP), as well as the rights for use of the AcuStream delivery device in dry eye indications and OJL332, a second generation TRPV1 antagonist in pre-clinical development.
“This transaction will enhance our focus on prioritized innovative medicines to alleviate society’s greatest disease burdens, achieve the greatest patient impact and drive our growth strategy.”, said Ronny Gal, Chief Strategy & Growth Officer of Novartis. “Our ongoing portfolio refinement enables us to best deploy our scientific expertise and resources towards priority programs and therapeutic areas, while remaining open to opportunistic development for additional high impact conditions leveraging our advanced technology platforms. We believe that Bausch + Lomb has the capabilities, scale and commitment to continue the work of Novartis in delivering and developing much needed therapies for patients suffering from dry eye and related conditions.”
Under the terms of the agreement, Novartis will receive milestone payments up to USD 750 million linked to anticipated future sales for Xiidra, SAF312 (libvatrep) and OJL332. Novartis will continue to supply Xiidra to patients on behalf of Bausch + Lomb, via transitional agreements for a limited period post-close, to ensure consistent supply for patients.
Closing is anticipated in the second half of 2023 subject to customary conditions.
Novartis will continue its R&D efforts in addressing retinal diseases via platforms including gene therapy and optogenetics.
About Novartis
Novartis is reimagining medicine to improve and extend people’s lives. We deliver high-value medicines that alleviate society’s greatest disease burdens through technology leadership in R&D and novel access approaches. In our quest to find new medicines, we consistently rank among the world’s top companies investing in research and development. About 103,000 people of more than 140 nationalities work together to bring Novartis products to nearly 800 million people around the world. Find out more at https://www.novartis.com
Novartis is on Twitter. Sign up to follow @Novartis at https://twitter.com/novartisnews
For Novartis multimedia content, please visit http://www.novartis.com/news/media-library
For questions about the site or required registration, please contact media.relations@novartis.com“>media.relations@novartis.com
SOURCE: Novartis
Post Views: 330
