Bausch + Lomb surges to record high on Novartis dry-eye drug deal

Bausch Health Companies

30/06/2023 14:44

(Updates stock activity)
    ** U.S.-listed shares of Bausch + Lomb  BLCO.N  up 11.2% at
$21.33, hit record high $21.95 early Fri, 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
    ** With move on the session, U.S.-listed BLCO shares have
gained ~38% YTD
    ** 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))