• Divestment includes Xiidra®, on-market treatment for dry eye disease and additional ophthalmic investigational therapies
  • Novartis advances strategy of focused portfolio and prioritized therapeutic areas for future growth

BASEL, Switzerland I September 29, 2023 I Novartis today announced that it has completed its divestment of ‘front of eye’ ophthalmology assets to Bausch + Lomb, a global eye health company, in a transaction valued up to USD 2.5 billion, consisting of 1.75 billion in upfront cash, plus potential 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 AcuStream delivery device in dry eye indications and OJL332, a second generation TRPV1 antagonist in pre-clinical development.

“The closing of this transaction is a further step forward as we advance our focused portfolio, investing in prioritized therapeutic areas that address high disease burden and hold the greatest potential for Novartis,” said Ronny Gal, Chief Strategy & Growth Officer of Novartis. “On behalf of Novartis, I‘d like to extend our gratitude to the talented ‘front of eye’ therapy team, who remain committed to bringing Xiidra and these potential treatments to patients into the future as part of Bausch + Lomb.”

Under the terms of the agreement, Novartis will receive USD 1.75 billion in an upfront cash payment and potential milestone payments of up to USD 750 million linked to the achievement of specified sales milestones for Xiidra, and the achievement of specified commercialization and sales milestones for certain pipeline products in the transaction. Novartis, on behalf of Bausch + Lomb, will continue to supply Xiidra to patients via transitional agreements for a limited period post-close, to ensure consistent supply for patients.

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

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SOURCE: Novartis