Bausch + Lomb rises after Novartis dry-eye drug deal

Bausch Health Companies

30/06/2023 14:10

** U.S.-listed shares of Bausch + Lomb  BLCO.N  up 17.3% at
$22.49 in light premarket volume after co inks deal to buy
dry-eye drug from Swiss pharma company Novartis  NOVN.S  for
$1.75 bln
    ** Acquisition of the drug, Xiidra, will mark first big deal
by BLCO CEO Brent Saunders since he returned to firm in Mar
    ** Deal will also include potential milestone payments worth
up to $750 mln, and complement BLCO's existing dry eye
portfolio, which includes its other eye drop Miebo
        ** BLCO in process of being spun out from Canada's
Bausch Health Companies  BHC.TO , formerly known as Valeant
Pharmaceuticals
    ** U.S.-listed BLCO shares have gained 23.7% YTD through
Thurs close
    ** Co went public in May 2022 IPO priced at $18

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))