Novartis has completed the divestment of its ophthalmology assets related to the “front of the eye” to Bausch + Lomb, a global eye health company. This transaction, valued at up to USD 2.5 billion, includes Xiidra®, an approved prescription treatment for dry eye disease, investigational medicine SAF312 (libvatrep) for chronic ocular surface pain, the AcuStream delivery device, and OJL332, a second-generation TRPV1 antagonist.
Ronny Gal, Chief Strategy & Growth Officer of Novartis, emphasized the company’s commitment to focusing on therapeutic areas with high disease burden and significant potential. Novartis will receive an upfront cash payment of USD 1.75 billion and may receive additional milestone payments of up to USD 750 million based on sales milestones for Xiidra and specified milestones for certain pipeline products.
Novartis will continue to supply Xiidra to patients through transitional agreements after the transaction’s close to ensure a consistent supply. This strategic move aligns with Novartis’ ongoing efforts to prioritize areas of growth and innovation in its portfolio.
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