VAUGHAN, Ontario—Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company, 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 (DED) focusing on inflammation associated with dry eye, and certain other ophthalmology assets. In addition to Xiidra, Bausch + Lomb’s dry eye offering includes eye and contact lens drops from the company’s consumer brand franchises and its pharmaceutical business, including Miebo (perfluorohexyloctane ophthalmic solution), which launched in the U.S. earlier this month as reported in VMAIL as the first and only FDA-approved prescription eye drop for DED that directly targets tear evaporation.

“We expect to quickly take a leading position in the growing prescription dry eye category with the Xiidra acquisition and Miebo launch and, importantly, help the millions of patients not currently receiving adequate treatment for dry eye disease,” said Brent Saunders, chairman and CEO, Bausch + Lomb.

As part of the transaction, Bausch + Lomb also acquired libvatrep (also known as SAF312), an investigational compound being studied for the treatment of chronic ocular surface pain, and AcuStream technology, an investigational device that may have the potential to facilitate precise dosing and accurate delivery of certain topical ophthalmic medications to the eye. Libvatrep is currently in Phase 2b development with study results anticipated to be completed in the second half of 2023.

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.