Bausch + Lomb, a subsidiary of Bausch Health Companies, has completed its acquisition of XIIDRA® (lifitegrast ophthalmic solution) 5% and other ophthalmology assets from Novartis for up to $2.5 billion. The deal includes an upfront cash payment of $1.75 billion and potential milestone payments of up to $750 million based on sales and pipeline commercialization. The acquisition was funded through an offering of senior secured notes and a term loan facility.
Bausch + Lomb Corporation (“Bausch + Lomb”) (NYSE/TSX:BLCO), a subsidiary of Bausch Health Companies Inc. (the “Company” or “Bausch Health”) (NYSE/TSX:BHC), today announced it has completed its acquisition of XIIDRA® (lifitegrast ophthalmic solution) 5%, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease focusing on inflammation associated with dry eye, and certain other ophthalmology assets.
Under the terms of the agreement, Bausch + Lomb, through an affiliate, acquired XIIDRA® and the other ophthalmology assets from Novartis for up to $2.5 billion, including an upfront payment of $1.75 billion in cash with potential milestone obligations of up to $750 million based on sales thresholds and pipeline commercialization. Bausch + Lomb also acquired the sales force supporting XIIDRA®. Bausch + Lomb funded the acquisition with the previously announced offering of $1.4 billion aggregate principal amount of 8.375% senior secured notes due 2028 (“Notes”) and $500 million of new term B loans under an incremental term loan facility (“Term Loan Facility”). The issuance of the Notes and the closing of the Term Loan Facility occurred substantially concurrently with the closing of the acquisition.
Source: BioSpace
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